To anyone that can help
Received documents by mail from Homefield Financial
Called and spoke to _Priest Medina he told me he could get me a payment close to what I have now plus cash out. I said ok if you can do that let me know the terms but I do not want negative amortization or a prepayment. He told me he could get me a low interest rate of 1.75 and I would pay 7000.00 in closing cost but the interest would not go up for a year and then it would only go up no more then 2 points. Then after 3 years it could reach up to 9.95 which I felt would give me enough time to decide what to do with the property.
I cancelled the loan off one time because I talked to a Tony at Homefield who said that rate was too low. I called Priest who said how would Tony know his deals and what he is putting together and that the loan was exactly what he said it was and he would find this Tony to straighten it out with him.
The next time I talked with him he said he has done so and that the interest rate was what he said and there was no negative amortization at all but because I was getting such a good rate I needed to take a prepayment penalty for 3 years which he said he took upon himself to say yes since he new I would not mind because of such a good loan..
I was not happy with that but he was right the rate was wonderful for 3 years I could hang on that long. A notary came for the closing and while we were signing the papers I did not like the way the interest was worded because it seemed that it would go up every month right away. I stoped the signing of the loan with the notary and called Priest we waited and then he called me back saying that was only for the bank they have to fill out all the options but my option further down overrides that and not to worry, again I asked there is not negative amortization correct? And he said right! So I signed the papers
Approx 1 month later I got my first payment statement and was in horror and shocked not only is it negative amortization but the interest does go up every month and I was already at 7.75. I am sick to my stomach over this I called his manager Bret who told me it's to bad because I signed the papers and they sold the loan. I later found out they still had the loan and called him back but he said it is out of his hand but he could help me get another loan and I would pay 4000. More in closing costs and pay six months interest in the prepayment penalty to them. Plus his interest rate was higher then other banks offerings.
I don't know what to do I can't seem to find anyone out there to help me
I have given some thought of going public with all of this. Can someone there help?
This kind of thing needs to be stopped from happening to anyone else
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