My son & I, refinanced with Freewill Financial, they turned over to Homecomings. They lied about interest rate that was suppose to stay at 2.5% for 2 yrs. It went to 8.25% in first month. Also we have a high repayment if we refinance before year is out. They told us about $2,500. It is about $8,500. Also my sons loan they did not include taxes & insur, which was suppose to be included. They called & called them, they were put on hold numerous times & finally they told him he could not add that till he has been with them for 1 yr. Now they are telling me that my payment will almost double as of the 13 month of our contract?
We was suppose to have an interst only loan, come to find out we have an optional arm loan, so our interest is going up every month. We can only afford the minimum payment. I have sent information to a lawyer in Los Angeles, to see what he can do, but I beleive we are stuck for the first year, with interest adding to our balance every month. They did not explain any of this to us. I have never been late 1 day, but this month they did not take my automatic payment out of my bank account till the 7th of May, it is suppose to be taken out on the 1st. Of every month.
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