CommentWe thought we had established a loan to pay interest only, fixed for 3 years at 6.5%. We paid $45,000 cash) to bring the price of the property down from $210,000 to $165,000.
I also, emphatically said that I did not want a prepayment penalty if I was putting that much money down, in case I wanted to refinance. I was told that the part of the agreement that had a check mark next to (May Pay) was to be ignored as it would be reflected on our final paperwork that no penalty would be incurred.
These companies know that it is impossible to read and comprehend everything during closing, and they take advantage of that. I now have a mortgage, not at the guaranteed 6.5% but 7.125% and a prepayment penalty that is so high I am having difficulties with my refinance. Fed up consumer.
 Comments (3) |  |
| 1. Written by Brian, on 07-04-2009 11:10 Are you sure you aren't looking at the APR? If you are truely looking at the interest rate, then why would you sign papers that have a different rate? Pretty dumb! |
| 2. Written by earline, on 10-03-2009 22:48 i had a repayment plan going and i went to dalvation army to help me with my mortgage and they sent emc a check for 450 and i made a 550 western union payment so that was my 1000.00 downpayment and my first payment would be due april 15th . emc sent back the salvation army check cuz they said they only recieve certified checks and it wasnt certified this organization is country wide the agent jeff knew i was getting assisant and never told me that they didnt except checks.so needless to say they say i defaulted now i have a tax sale of april 1st and i dont know where to turn im reallly ypset i thought i was on the way and i was on the right track but no i guess not please help me i have lost 2 family members this year i cant lose my house |
| 3. Written by Kyle, on 07-10-2008 17:12 Same thing happend to us. Any updates? |
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