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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3684
Experience:  Experienced real estate lawyer and real estate broker.
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Roughly 3-4 years ago my husband and I refinanced our home

Customer Question

Roughly 3-4 years ago my husband and I refinanced our home under the Obama refinance program. The way it was done was a main loan for 120,000 and a personal line of credit for 30,000. The main loan we pay $800 a month and the personal were paying $100 a month, that brought our payment down from 1,300 a month to $900. The first of this year we receive the bill for the personal loan and noticed it went up $500 more a month. When my husband called he was told we were only being billed the interest rate for all those years and not principal.. with this increase it would raise our payment highe then what we were paying before we refinanced. We told them we could not afford this... They (Ocwen) adviced we fill out a loan modification form which we did. Last week we were informed that it was denied and if we don't have 3,500 to them by the end of this month (June) they will foreclose... Let me add that this has been our home for 16 years. When all this started it stressed my husband out so bad it threw him into a cyclic vomiting syndrome. He was out of work for about 2-3 months with no pay and numerous doctors visits to rehydrate him to try and avoid hospitalization.. This company has been in Various law suits in the past for things they have done. I don't know if I have a case here or what I need to do...
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.

I suggest that you file a complaint with the Missouri banking commissioner. It won't cost you anything to do it, and they will conduct an investigation and give you an award for your damages after the investigation. If you hire a lawyer to sue, it will be very expensive, but it is not assurance that you will get your attorneys fees back.

Here is the link to file with the Missouri banking commission:

http://finance.mo.gov/consumers/complaint/complaintform.php

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Customer: replied 1 year ago.
Seems like to me what they are doing is wrong and should not be allowed to do so.
Customer: replied 1 year ago.
5
Expert:  WiseOwl58 replied 1 year ago.

Thanks for the rating, but you must accept the answer to close out the question. Please be sure that you are accepting the answer by inputting your rating.

Thanks,

Expert:  WiseOwl58 replied 1 year ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

The way this site works you must accept the answer and input it so that the question is rated on the system. NOt just tell me about, but thanks for the good rating.

Expert:  WiseOwl58 replied 1 year ago.

Now, for your part, please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 year ago.

Now, for your part, please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.