I have a story like so many on here when it comes to bad and predatory mortgage companies. Mine is fremont investment and loan and the broker (Title Co.). They really took this first time home buyer to the cleaners.
My question is what can you do about it. Talking to them is impossible. That is if you get a real person and not stuck in the automated system the have, never finding a real person to talk to.
The federal government looked into fremont's business practices and issues a cease and desist order recently to their parent company fremont co. That is how bad they are. Fremont said they are selling off all subprime loans. As of yet I have not hear from them that my loan is sold. But I have been told my interest rate has jumped again. My mortgage started out at $1,200 a month two years ago and will now be $2,150 soon (it just started adjusting). I can not afford this. Me and my family are about to be homeless. Plus now I found about an early payoff clause that will make it really hard for me to sell the house for what I will owe them.
If their business practices are so corrupt that the feds are ordering them to stop all business then is there a class action suit for those of us being ripped off by them? Or some kind of help to keep us from loosing our homes. Selling off the loans that caused them to be put out of business to someone else does not seem like a fair price for what they have done to so many. Now it will just be someone other company taking my home instead of them.
Any advice or help you could give would be helpful.
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