Back in June of last year a friend of mine received a postcard in the mail from The Loan Corporation. I was encouraged to refinance my loan to an ARM. I understood that I would have the loan for 3 years with low payments and then the loan would go up. I thought it sounded ok, so I agreed, but alas! Only part of the paperwork was available the day of signing. I was assured I would get the rest to sign, by the next day, well no it did not come, not for about 10 days (and nobody came with it to make sure it got signed) well by now the loan officer was laughing all the way to the bank for what my naive mind failed to realize was the paper I signed was THE signature page for the loan! I never got to see the REAL terms of the loan I was thinking that since all the paper work had not been signed that I would not be able to get the loan and no big deal, I was happy with what I had. But no I had just signed a nightmare.
The loan would have negative amortization if I made the low payment and the extra surprise was that the interest would go UP EVERY MONTH! Wow was I Screwed or what! Good scam they have going. I have contacted an attorney to hopefully get me out of this mess. Use a Real Estate attorney when you do a real estate deal.
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