Micjam
Street,#2Consumer Suggestion
Mon, January 26, 2009
There is a group now getting together for a substantial class action suit regarding this company. I will be posting the information once we are allowed to be more specific. For now, try and get all of your information organized and copied. Make sure you keep a log (or create one) that shows dates, times, and other information. Specially if you can remember a date and time when you talked on the phone with an employee from First Franklin. Be patient...
Jim
Anaheim,#3Consumer Comment
Tue, December 11, 2007
I guess a couple of things: 1. Did you believe you were getting an Adjustable Rate Mortgage? Did you believe you were getting a Fixed Mortgage? 2. What questions did you ask beforehand? 3. Most ARM's don't increase 3% in one year. They increase in 1% increments generally until the mortgage hits its maximum, which could be 8%-10% Often, these loans are set for people whose wages will increase within a certain number of years, so their earnings increase will match the mortgage increase. I don't know how much the mortgage increase is for you, but I suspect it might be maybe $500 additional per month or more? What the broker told you 3 years ago was accurate back then and assumed the market would continue as it has for the last 10-20 years. I mean you're in a rough spot now and refinancing is tough not simply because you may not qualify on the income side, but also on the equity side of the mortgage since housing prices are also tumbling. It's also important to note in your case that it isn't just the mortgage company that shares blame in your situation - your Real Estate agent/broker had a hand in this by assuring you that you could qualify for the house you now live in. Your RE person gets a higher commission by putting you in a higher value house and works with the bank to make certain you qualify. There are lots of people to assign fault to in this situation. Best of luck to you.