Nikki
Coconut Creek,#2Consumer Comment
Fri, July 06, 2007
First let me say I am truly sorry for your sister & brother in law's predicament. Also, I am not condoning the actions of Homecomings for their harrassment or their not applying payments as they should have. However, when it comes to the interest rate, your sister and brother in law signed, in their original mortgage documents, that they were aware the interest rate would go up after their time period was over (1, 2 or 3 years). That is not Homecomings being ruthless and mean, that is the type of loan your sister and brother in law accepted. I also had an ARM mortgage. I knew, from the date I signed my paperwork, what month and year my interest rate would increase and what was the worst case scenario interest rate I would get. I prepared for the entire 2 years of my lower interest rate to be in the best possible position to refinance. Every month I paid the $12 fee to pay my mortgage over the phone (to not have to rely on the postal service). I made sure every payment was posted on the date it should have been and I made sure every payment was properly debited from my bank account. I'm not trying to "toot my own horn" I just want to give others ideas what they can do to stay ahead. I did refinance and now have a 30 year fixed mortgage with a decent rate, something I once thought I would never have. To everyone, I know you have read this time and time again on this board. Read your documents. Read everything you sign. Most of the info I got regarding dates and interest rates were found within the first 2 pages of my mortgage documents.
Nikki
Coconut Creek,#3Consumer Comment
Fri, July 06, 2007
First let me say I am truly sorry for your sister & brother in law's predicament. Also, I am not condoning the actions of Homecomings for their harrassment or their not applying payments as they should have. However, when it comes to the interest rate, your sister and brother in law signed, in their original mortgage documents, that they were aware the interest rate would go up after their time period was over (1, 2 or 3 years). That is not Homecomings being ruthless and mean, that is the type of loan your sister and brother in law accepted. I also had an ARM mortgage. I knew, from the date I signed my paperwork, what month and year my interest rate would increase and what was the worst case scenario interest rate I would get. I prepared for the entire 2 years of my lower interest rate to be in the best possible position to refinance. Every month I paid the $12 fee to pay my mortgage over the phone (to not have to rely on the postal service). I made sure every payment was posted on the date it should have been and I made sure every payment was properly debited from my bank account. I'm not trying to "toot my own horn" I just want to give others ideas what they can do to stay ahead. I did refinance and now have a 30 year fixed mortgage with a decent rate, something I once thought I would never have. To everyone, I know you have read this time and time again on this board. Read your documents. Read everything you sign. Most of the info I got regarding dates and interest rates were found within the first 2 pages of my mortgage documents.
Nikki
Coconut Creek,#4Consumer Comment
Fri, July 06, 2007
First let me say I am truly sorry for your sister & brother in law's predicament. Also, I am not condoning the actions of Homecomings for their harrassment or their not applying payments as they should have. However, when it comes to the interest rate, your sister and brother in law signed, in their original mortgage documents, that they were aware the interest rate would go up after their time period was over (1, 2 or 3 years). That is not Homecomings being ruthless and mean, that is the type of loan your sister and brother in law accepted. I also had an ARM mortgage. I knew, from the date I signed my paperwork, what month and year my interest rate would increase and what was the worst case scenario interest rate I would get. I prepared for the entire 2 years of my lower interest rate to be in the best possible position to refinance. Every month I paid the $12 fee to pay my mortgage over the phone (to not have to rely on the postal service). I made sure every payment was posted on the date it should have been and I made sure every payment was properly debited from my bank account. I'm not trying to "toot my own horn" I just want to give others ideas what they can do to stay ahead. I did refinance and now have a 30 year fixed mortgage with a decent rate, something I once thought I would never have. To everyone, I know you have read this time and time again on this board. Read your documents. Read everything you sign. Most of the info I got regarding dates and interest rates were found within the first 2 pages of my mortgage documents.
Nikki
Coconut Creek,#5Consumer Comment
Fri, July 06, 2007
First let me say I am truly sorry for your sister & brother in law's predicament. Also, I am not condoning the actions of Homecomings for their harrassment or their not applying payments as they should have. However, when it comes to the interest rate, your sister and brother in law signed, in their original mortgage documents, that they were aware the interest rate would go up after their time period was over (1, 2 or 3 years). That is not Homecomings being ruthless and mean, that is the type of loan your sister and brother in law accepted. I also had an ARM mortgage. I knew, from the date I signed my paperwork, what month and year my interest rate would increase and what was the worst case scenario interest rate I would get. I prepared for the entire 2 years of my lower interest rate to be in the best possible position to refinance. Every month I paid the $12 fee to pay my mortgage over the phone (to not have to rely on the postal service). I made sure every payment was posted on the date it should have been and I made sure every payment was properly debited from my bank account. I'm not trying to "toot my own horn" I just want to give others ideas what they can do to stay ahead. I did refinance and now have a 30 year fixed mortgage with a decent rate, something I once thought I would never have. To everyone, I know you have read this time and time again on this board. Read your documents. Read everything you sign. Most of the info I got regarding dates and interest rates were found within the first 2 pages of my mortgage documents.