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delfamily | Am I a victim of predatory lending? |
About 5 months ago my husband and I were approached (via phone) by a loan broker. He offered us a great refinancing deal. He said that our credit had improved since we had taken out out original home loan and we qualified for a lower interst rate. He told us that we could take out cash and still have a lower payment. My husband asked him to go over the terms over and over and it all sounded great. However, when we got our payment slip from Countrywide it showed that we had 4 payment options: 1:min. payment (which was less than interst only) this was lower than our original payment 2.Intrest only (which was $200 more that our original payment) 3.intrest plus principal (this was $600 higher than the original payment) 4. a 15 year payoff for over $1000 more than our original payment.
We had never heard of this and would obviously have not signed on for this if we understood. Countrywide they said they had similar complaints. We had to refinance this loan as well & lost $36K in equity.
Additional Details
I don' know how we lost so much equity. We only took out $20K. At the start of the process we owed $332 on our home and now we owe $385 (fees I suspect.) Only the broker sugar coated the entire thing. |
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Ms Betty
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First off..... why is it that every idiot who signed on the dotted line thinks that it must be the brokers fault???? Do you read what you signed?
Oh, you didn't understand it???? Guess what? Not a legal defense to say I was stupid and I didn't know what I was signing.
Second, there is an estimated HUD that covers where every penny is going... did you read it? You signed a GFE (good faith estimate) did you read that? And why did you have to refinance a loan from Countrywide, a very reputable lender? Did you think that with the costs of the loan being added to your balance and taking out 20k was going to be for free? Of course your payment was going to increase....
Was the rate lower? If it wasn't why did you sign? On the pages that listed costs, did you question that amount? Even now you seem to have NO idea what you signed or what the fees were. Don't you have copies of what you signed? Didn't escrow send you a FINAL HUD 1? Do you still have copies of the GFE to review?
Since I do not have copies of your paperwork, I will go off the numbers you posted in your question. You state that your loan was for $332k and that you took out $20k... that alone would bring your loan amount to $352. Then you have the fees from escrow, title, appraisal, lender (not the broker), prepaid interest (and I am sure you skipped at least one months payment of about $2,400.00 twice with two refianances), prepaid home owners insurance (which any unpaid balance for insurance from your original loan would have been refunded 30-60 days after the close of escrow), and then you refinanced again??? which means more escrow and title, appraisal, lender fees, and add in the broker fees again... 33k in fee, sounds about right. You probably paid at least $7-15K in broker fees alone for TWO refinances and another 5k in prepaid interest while you skipped at least two months of payments (1 each time).
Quit blaming the lender and accept responsibity for signing on the dot line without a clue of what you were doing. Everyone knows there are A LOT of snakes in the mortgage industry and if you have questions.... STOP and ask or don't sign. And the law allows THREE days on a owner occupied residence for the borrower to review everything they signed and cancel the transaction if the decide to. It is under REG Z and the TRUTH AND LENDING ACT. And you had to sign a paper stating that you understood that you had that right. Or did you sign that paper too and didn't know what it was??? |
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michiganted
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Unfortunately my guess is that there is at least one disclosure indicating to you the way that an Option ARM works. That will likely give the broker (are you sure it was a broker and not a Countrywide internal person - was the original loan you had serviced by Countrywide?) enough protection against a law suit, because they'll say "The terms of this loan are all clearly laid out on the disclosure form(s) that bear Plaintiff's signature."
You may be able to achieve some compensation just by threatening action. If it was originated by Countrywide you may be able to get something because they are very conscious of their image these days. All I can say is that this proves once again that mortgages need to be transacted with someone that you have some experience with, or have been referred to - not just someone who solicits YOU over the phone. It's just too important, as you no doubt understand all too clearly.
I apologize on behalf of my industry, and these kinds of stories make me sick. |
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frankie b
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Not really so much predatory lending as you didn't do your research before signing. Why would you refinance your home with out having the terms looked over by a lawyer? You have no one to blame but yourself. Always read terms before signing. If you do not understand them, get professional help. Sorry. |
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mister ed
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no i think you were just one of many folks who jump at the first best deal they see == like the old saying nothing is really free. 36k is a heck of a lot to pay for a lesson in lending and money management but i do believe you learned a lesson here. |
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NY PTK
 |
I would seriously consider speaking with a real estate attorney who will provide a free consult. In my profession, I deal with many of these lenders and would say that you may have something to stand on, but ultimately it comes down to what you signed at the closing and if you were informed by the bank attorney of line by line of what was happening. I would say it will be an uphill battle, but you may be able to tell Countrywide to screw off by eventually heading to another lender as well. Closing costs will be similar...at a 36, 000 decrease in equity, you obviously took quite a refi consideringh current market conditions. Losing that equity was due to the bank ordered/issued appraisal. Good luck. |
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caddemd
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I agree with Satar. Get a one-hour consultation with a lawyer. In the future it is a good idea to actually get the paperwork to review before you agree to anything. Salesmen can make anything sound good on the phone. |
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Expert Realtor
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Well, you didn't technically lose the $36K in equity...you received cash at closing that you agreed to. You can always send that cash back to Countrywide and ask that it be applied toward your principal.
I think I know exactly which program you signed up for, only because I had the same loan on my current house before I refinanced, so I recognized how the statement was set up.
I think you have a first-position Home Equity Line of Credit...these are 100% loans and they are interest only, at prime for the life of the loan, and your payment changes monthly.
Those loans are not designed for long-term lending, they are designed for temporary lending solutions for people who want 100% financing and don't want to put alot of money down, or for people who will be in the house short-term.
It's technically not predatory lending, it's just a bad loan that didn't serve you needs. If you make the minimum payments on it, you'll never put anything toward the principal of your home, and you really need to be looking to make payments on the interest plus the principle figure that is on the statement.
It's not a common loan program, and not very many lenders have it....it's a great program...but not for someone who is staying for a long time in the home.
I am really sorry about that...refinancing, again, is the only way out.
PS: I'm adding this...do see an attorney and take all of your documents that you receive pre- and post-closing. Countrywide is notorious for poorly training their LO's, chances are very good that something wasn't disclosed correctly or in the correct time frame. If it is a 1st position HELOC that you have, and a mistake was made in the documents...your right of recision is 5 YEARS. |
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satarnag
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You're describing the pay option loan. You need to sit down with a real estate lawyer and see if the broker properly disclosed this loan product with you. If he violated any of the disclosures, then you can go after his Errors and Omissions insurance and after his license as well.
Regards... |
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First Pacific Financial
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Hello, yes you have been a victim of predatory lending. I myself am' in the mortgage buisness and what happend to you is happening more and more. The loan that you were put in was a negative ammortization loan meaning that instead of paying down principle you actually add more to the balance of your home every month. This is not a good loan for someone in there primary house and can be very dangerous if you are not eduacated on the loan properly. You should contact the broker and find out who holds the license for there company and contact that person directly. If you are trying to pursue legal action you can attempt to do that, but it is a tough objective considering you trusted your loan agent enough to sign the actual loan documents. |
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Alterfemego
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Why did it impact your equity? It shouldn't have. I would report this to your state's department of commerce. These loan officers are making promises they know they can't keep to get a commission. They don't care what happens after the loan closes. So I would make sure you have the correct name of that loan officer and the company name and address to provide to the department of commerce. |
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Marie D
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Yes, and Countrywide is notorious for this. My husband is a Bankruptcy attorney and sees this all the time. You have been victimized but willingly so, and since you asked a lot of questions, you are liable for the loan and the principle and interest that was extended to you. HOWEVER, that is on paper. And two can play their game!! You should see an attorney and file a complaint and see if they will settle out of court. Most of these lenders will go away if they see a letter from an attorney and think you will sue them for misleading you into a lending situation that you did not understand. The fact that this was done over the phone makes it suspect at least. Contact a Real Estate attorney right now and see if you can arrange a case of "unlawful richness" against the company as well as violation of the law of "The Truth in Lending". You have at least two grounds to sue and I think this will rattle their cage enough to get things resolved and you monies back. Good luck and if you have any other questions, please ask. Marie |
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