Real Estate Law
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What do you allege that was predatory?
The loan itself,should of never be given.
Why do you say that?
There were mortgage loans that didn't require proof of income.
Is that the only reason you state that the loan was predatory?
Was your house foreclosed on? If so, when was the foreclosure sale date?
I received a no doc interest only loan which I did not have income to cover. I was only making $60,000 and was given a $750,000 loan. Secondly, when it became clear that the mortgage payment I was paying every month didn't even cover the interest, I tried to get a fixed rate loan with a lower interest. I was jerked around. Told we'd settle, the day before they would cancel for no given reason. Who would want to give up this gold mine loan? I had a govt issued credit counselor who submitted a loan modification package. I had an attorney who submitted a loan modification package. The attorney threw his hands up in the air and said this mortgage company won't even meet with me. He advised me to stop paying the mortgage so they'd have to as I was throwing good money after bad. This all occured 3 years ago. I haven't paid my mortgage or taxes in going on 40 months now. I received a check recently from the mortgage company for $2,000. I have never missed a mortgage payment in my life. I simply all these years wanted to get rid of this predatory mortgage loan. I am now in the process of submitting my 14th loan modification package which all were ignored. I called every week to check on the progress of the packages, to no avail.
Also, my property appraisal when I obtained the loan was $550,000. The home is now worth less than $500,000 and the mortgage is up to $780,000.
You rated me poorly when I had only asked you questions.
I’m going to opt out of your question and open it up to other experts because I prefer not to assist you further.
My goal is to try to keep the home, obtain a mortgage for the assessed value at a fair interest rate.
I did disclose my income on my loan application.
I've tried for four years to clear up this matter, dozen or more loan modification packages, one completed by an attorney, one by a gov't sanctioned specialist. I want this to end. What is my recourse? Do I have any legal recourse against the mortgage company.
For some reason, I received a $2,000 check from Aurora Mortgage Co. last week. They sold the mortgage a year ago.
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