We needed to refinance to pay off some bills. My husband had just been disabled. I went to household finance they appraised my house the next day. They told us we had to finance all of the amount our house appraised for. This was 197,000 dollars. My house had just been purchased a year before for 143,000. We had no lawyer at closing, the papers were rigged where we did not see all of the detail. We were told up front that our payment would be 936.72 twice a month.
This is even stated on our loan agreement. This is not true. The payment is taken out every two weeks. When I called about this when we had 3 payments taken out in one month, they told us this is how we would pay our house off early. Some months our payment on our 2200 square foot home is 2800 dollars. The interest is outrageous. They told us with a refinance that was normal. Then charged us 14,000 dollars to buy points to bring the interest down to this outrageous interest rate. I have execellent credit. I should have qualified for at least 7 percent. I think the interest is 15.
Now we cannot get out of this high interest payment. The payment in December was 2800 dollars. No one will refinance because my home is not worth what we owe. This was a big scam. I think this was illegal what they did. I know this is all over the papers. We have been paying on this 197,000 loan for 9 months. So far we have paid out of pocket 17,000 dollars this year and 2000 has went to the principal. Thank you
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