What am I to do about my mortgage?
by Mortgage Rates on Friday, December 3rd, 2010 | 5 Comments
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Go to Making Home affordable.gov government website to help out with issues like these.
Refinance your mortgage into a fixed rate. I doubt you would have much of a chance in suing your current mortgage company. You signed the contract for the adjustable rate.
so, you fraudulently applied for an adjustable rate mortage? you say the mortgage company overstated your earnings, but you had to sign the document. it was up to you to correct it.
anyway, thanks for your contribution to the financial crisis driving this country into bankruptcy.
Maybe. But you’re also to blame.
i saw a tv program couple of weeks ago where they showed how this mortgage crisis began.
years ago, to obtain a mortgage, you had to submit verification of your income to obtain a loan; when the banks and all wanted everyone to have a house, the brokers admitted that in many cases they were overstating the income of the borrowers to keep the clients and get the loan. they did this, since if they didnt, they would lose the clients who would go elsewhere and they could be out of business.
loans that use to take months for approval and verification would be closing in less than a week. prior to all the easy lending, income, credit check, judgments etc had to be verified and clear. you also had to have at least 10 to 20% down, but then everyone could get a loan with no money down. with housing prices on the rise, the thought was that get everyone in a house and you could always refinance later.
it maybe hard to verify that the agent did in fact overstate your income. he could say that you told him you made so much per week/month etc and he wrote down what you said. is the income the only issue? were there other questions answered not true?
right now, the credit cards, lending companies are holding the bag. you can talk to a lawyer and see if you have any rights, but until the credit laws are changed, most likely you will lose.