On April 4 I closed on a home loan for 685K with 50K down. Not the standard 20% that is generally needed, however through-out this loan process it initially started out with rates of 6% with a total loan of 3700. But after we got closer to closing my wife lost her job and we questioned whether we could continue with the process. I requested to be released from the contract (without a lawyer) and was threatened with a lawsuit and retain my deposit.
Soon after, rates changed to 8% on the first and 12% on the second totaling 5000K a month. I then stated that I couldn't afford that and how do I qualify for such a rate. I was informed my Mary Marskinyar of CTX Mortgage and I quote, "I will not disqualify anyone and according to Centex (the home builder) I must approved all loans even if the rate gives you a $6000 payment". I then, stated that I would pull out by any means as that rate is totally unfeasible.
Days, later it was presented that the lender would provide closing assistance, however they were already offering a 10k incentive for using CTX. I questioned how I can get approved for a 6k mortgage and I had a home that hadn't been sold that should've made my debt to income high.
The Mary changed the type of loan from a "Full Doc" to "Stated income" loan. I then requested to see what figures she was presented as my earnings, although I had provided only my current w-2's only with no additional income and my wife with no job.
Nonetheless, she approved a loan and we had to close, now I have a home that I can't afford and the same builder has lowered the sales price of similar homes by 200k, so I'm unable to refinance to get a better rate a term because there's no equity in the home. I'm left with either a short sale or foreclosure which yields 7 years of bad credit. A few weeks ago I learned the second is a balloon loan that I didn't fully understand what that entitled to until recently. Please accept this complaint as my life is wrecked in one year's time.
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