Oh My Goodness!!! I have just read some of the other reports on this site and I am experiencing the exact same thing. I was also told I could refinance my house after taking an ARM loan, even after I informed them that I wanted a fixed.
They made the payments for a fixed loan so high that there was no way I would have been able to make the payments. So reluctantly I accepted the ARM loan, since I had just had a baby, was a single parent, and the bills, debts were piling up, and I was promised I could refinace in 2 years.
My house was appraised at 90,000 in 2004 and appraised at 64,000 in 2006 (this was after I had new windows installed and two of the rooms remodeled. When I contact the last appraiser, she told me she didn't understand why my hous "depreciated" in value so much. I then contacted Ameriquest to get a copy of the appriasial they had did in 2004 (it wasn't included in the paperwork) as well as I was told "They'll see what they can do".
My payments are to go up to 924.00 in June and go up again in December, until my interest rate reach 15%. I had lived in my house for ten years. There has got to be something we could do.
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