- Report: #271620
Complaint Review: Fidelity Mortgage - Charlotte North Carolina
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Fidelity Mortgage
521 E. Morehead Street Charlotte, 28202 North Carolina, U.S.A.
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Fidelity Mortgage Misrepresents Mortgage information Variable for Fixed Charlotte North Carolina
This company representative called us about refinancing to pay off some debts and consolidate mortgages. The never told us they were giving us a flexable mortgage. They led us to believe it was a fixed rate. Also they did not tell us there was a prepayment penaly.
After having the mortgage for two years I found out it was a flexible rate mortgage and there was a prepayment penalty. I am paying 9.5 persent and wanted to get a lower rate but was unable to do so because of the prepayment penalty. They also added several thousand dollars to the mortgage to pay for their charges that they had never covered with us. I would be happy to be contacted by a lawyer who could help me get out of this situation.
Sanford
Winston-Salem, North Carolina
U.S.A.
After having the mortgage for two years I found out it was a flexible rate mortgage and there was a prepayment penalty. I am paying 9.5 persent and wanted to get a lower rate but was unable to do so because of the prepayment penalty. They also added several thousand dollars to the mortgage to pay for their charges that they had never covered with us. I would be happy to be contacted by a lawyer who could help me get out of this situation.
Sanford
Winston-Salem, North Carolina
U.S.A.
1 Updates & Rebuttals
Please Update Your Post
Charlotte,North Carolina,
U.S.A.
Do you still have an adjustable?
#2Consumer Comment
Wed, April 02, 2008
Hi Sanford, I'm sorry to hear about the difficulties you are dealing with. Do you still have an adjustable rate mortgage? Has the interest rate reset yet ? As far as legal recourse, it's a hard situation to prove. They are just going to say that you were provided the documents and you should have read them more carefully. I know it sounds harsh, but its the sad truth. If you still have your adjustable rate mortgage, you may now want to look into some other options on a fixed rate mortgage. With the changes to FHA lending guidelines and FHA county loan limits, there are more people than ever that qualify for some of the best rates out there. Whether your credit score is 580 or 880, as long as you meet the other credit requirements, you should be able to get a fixed rate that is considerably lower than what you have right now. With the drop you'll see in the payment, you should be able to cover whatever the prepayment penalty is within a matter of months. If you still have this loan and need more information, let me know. I'll be happy to point you in the right direction. Good luck!
