Kevin
Lincoln,#2Consumer Comment
Thu, November 29, 2007
Sorry to hear of your troubles with the mortgage loan. I close mortgage loans, have been doing so for about 5yrs now, so I know of the process. I find it hard to believe that you would sign mortgage documents without fully reading/understanding them. A loan signing usually involves sev dozen documents that fully explain ALL the terms of a mortgage, the laws require these documents. And you should have been given a copy of each document. A refi loan borrower has 3 days to rescind the mortgage, 3 days to fully read each page, and to consult with an attorney for a professional opinion on any part of the process that you may question. The "Note" will explain the terms of the loan, the amount, the interest rate, whether that rate changes, if so, when and how often, and by how much. It WILL state 'adjustable rate loan" if the loan has that feature. If you now have employed an attorney , he/she is best qualified to help you. Generally, once you signed/agreed to a new loan, and the rescission period ends, you are stuck. Unless the company agrees to a modification, or you find another lender to refinance it. *I am not an attorney, and this is just a personal opinion, not legal advice. I recommend to have an attorney present at any future mortgage loan closings to protect your interests.