First Guarantee Mortgage, Delta Finanical, Ocwen They gave us very high rate and prepayment penalty. Broomall Pennsylvania
Hi I got hurt at work and after almost 12 years they settled with me and I got lump sum and got a house with it.
My spending has always been out of control so from the time I got the house in 2002 until now I've refinanced every year or just about the last two times put us in bind as the payment was alot. The last of which made through a company pulled this:
Get a mortgage to merge everything at a higher rate then in six months when your credit gets better we will refinanced you again and get a lower rate. Well they now say they can not refinance us the market changed and we are locked into rate with payment that we can not keep paying we fear that we will loss this house and have been scammed big time.
All three companys are big time scammers even after turning me down the brooker has telephoned me again saying they want to redo my mortgage.
All our savings are gone...if we can't find someone to help .....we will be forced to sale our home before lossing it to the loan servicing scammers as they probably have planned from the get go. We always wanted our own home and after 20 years of living in someone elses house rented to us or an apartment we were able to buy our own from WC settlement. Living a dream for 5 years and now after being married 25 years that dream is probably over.
We have tried with a large number of companys to try and refinance only to tell us they can't help because of the prepayment penalty that First Guarantee Mortgage Delta Funding and Ocwen Loan Servicing will not waive and put in there in the loan at the last min. First Guarantee Mortgage again promised to refinance after 6 months to get lower payment and rate but never did.
The loan we have is very hard to keep up on we have lost track of payment our other bills just to pay the mortgage and wasn't having a problem before we did the refinance through guys.
Can someone help us......
Andrew
Broomall, Pennsylvania
U.S.A.
2 Updates & Rebuttals
Bob
Aliso Viejo,California,
U.S.A.
Are you kidding?
#3Consumer Suggestion
Wed, November 07, 2007
"My spending has always been out of control so from the time I got the house in 2002 until now I've refinanced every year or just about the last two times put us in bind as the payment was alot. The last of which made through a company pulled this"
That says it all! For goodness sake people.... take responsibility for your actions! Please tell me what type of gun they had pointed at your head to make you sign those loan documents? NONE! All you could see in front of you was the $$$ you were getting and didn't even consider the fact that you couldn't make the payment.
Please explain how this is the lender's fault? I would to know how the lender forced the values of homes to go down so you no longer have equity.
Let me guess, you are now late on your payments as well thus this has caused the credit scores to drop. Go back to renting, it's clear you are not ready for the responsibility of owning a house!
Sorry for the harsh words, but go back and re-read what you wrote, it's sounds ridiculous.
Robert
Buffalo,New York,
U.S.A.
Equity?
#3Consumer Comment
Tue, November 06, 2007
""My spending has always been out of control so from the time I got the house in 2002 until now I've refinanced every year or just about the last two times put us in bind as the payment was alot.""
This is your problem. You've refinances every year or so, so you've probably pulled equity each time you did this. Now that some real estate markets have slowed, and in some cases, reversed, you have a big problem. You pulled equity that the home no longer has in your current marketplace.
I would suggest you consult with an attorney who specializes in bankruptcy to see if Chapter 7 or 13 protection is viable for you.
With so many refinances, it's not a surprise that now no lender wants to refinance.