21st Mortgage Corporation Mortgage gouging Knoxville Tennessee
When purchased home signed paper work for agreed monthly payment. Payment goes up every year. It's gone up $300/month to date. I've checked taxes and insurance, they have not gone up. It is the mortgage company that continues to go up. I will end up in foreclosure because I can not continue to make payments like this.
1 Updates & Rebuttals
Robert
Irvine,California,
USA
Interest
#2Consumer Comment
Thu, August 17, 2017
What type of Mortgage do you have?
If it is an Adjustible Rate Mortgage(ARM), the Interest rate remains fixed for a period of time but then it will adjust up. The mortage is usually listed as something like a 1/30 ARM, 5/20 ARM.. Where the first number is the number of years the rate is fixed. The second is the total length of the Mortgage.
This has nothing to do with the Mortgage Company doing things wrong. They are doing exactly what you agreed to as it is made very clear in the loan documents you signed when you got the Mortgage as to the type of mortgage you got.
You really don't have any choices other than to see if you can refiance your mortgage to a Fixed Rate with lower payments. If that does not work you may need to see if any of the programs that are there to assist homeowners would be able to help you.