I think I am a victim of predatory lending. Now I am being foreclosed on.
I had an FHA mortgage with Ameriquest. I have lived in my house for 12 years, but refinanced to them for about 3 months. I then got breast cancer and had to stop working. I got behind on everything and somehow hooked up with Alpine Lending in Eagan Minnesota, which is really - I later found out - Argent. When no one else could help me because I was only receiveing disability pay of only $1081 per month, he (Greg-the loan officer) said that wasn't a problem. He said he had worked there for like 5 years and he knew how to get me approved. I really needed to get cash out to pay my creditors because I wasn't working due to the cancer, and I was behind on everything! He said with all my extra money, I would have no problem making any payments at all. They got like $8000, I got about $2000. And since I wasn't going to be disabled forever, not to worry - I could refinance again when I was back to work for better terms.
Greg said he was going to take me to the casino and do the buffet, but after I was in there signing documents, I never heard from him again. He didn't even attend the closing, so I couldn't ask him any questions.
I did not know my taxes and insurance weren't escrowed. My taxes are past due, and my homeowners insurance has lapsed.
My truth in lending says my payments would be $752 They are $881. Also, this is an arm - not fixed - so my payments are going to be even higher!!!
Also, they put on my application that I made exactly $2500 per month. That wasn't true. I could never afford the $881 payment, and now I got a foreclosure letter in my mail box.
I didn't file taxes in 2004 because I had no taxable income.in my tax return says I made $16,000. I was straight up with these people and brought them in everything they asked for. I was also working with Regent's Mortgage in Brooklyn Center at the same time, to see who would get me the best deal. Regents folded, because they said there was no program or lending institution who would take me under my current circumstances, so ofcourse I went through Alpine. Greg at Alpine said they were bigger and had more resources. Alpine had set me up with Ameriquest Mortgage. I wondered what I needed him for - why couldn't I have just refinanced directly with Ameriquest and saved a lot of money in closing costs??? Ameriquest sold my loan off to Chase before my first payment was even due, and they are not willing to work with me at all. I am assuming it is because they knew what they did and wanted me to be someone else's problem.
So I am a victim of predatory lending. Now what? No one cares.
Now I am going to lose my house because I was scammed. And my income is so low that I can't even get an apartment. And by the way - Greg no longer works at Alpine Lending.
0 comments