We were in an adjustable loan rate in the beginning and we knew that we needed to find a fixed rate, so we looked into the lender that had our loan and learned that they had sold our loan to Countrywide.
We then contacted Countrywide and were told that they offered a "really good loan" that would not require any closing costs, no third party fees, appraisle fees etc. (First lie). My husband was then told that our fixed interest rate would be 6% which was great or so we thought. (second lie)
We were remodling our home at the time and needed some cash out, so he suggested an additional $10,000. Our payments according to him would be $385, so went proceeded along with the loan.
We were told that this loan would be closed in 14 days (third lie). It took approx. 3 months to close the loan.
One day I received a call from a woman named Rosanne and she was questioning why we only wanted $1000 cash back. I explained to her that we were told that we were getting $10,000 back and she said that it only showed $1000.
Already, we should have cancelled because this was already taking a turn, we talked and decided that they held the loan for our house so we should probably try and deal with them. My mom needed surgery, we were susposed to close the deal before we left and didnt so we ended up closing in Michigan.
Somewhere in the process, our interest rate jumped from 6% to 8.25% and we ended up paying all closing costs, appraisal fees, third party fees etc. We were constantly contacted during the operation about this loan. Not a good time to think about a loan. The lady came out and signed the papers stating that our payment amount would be $490.05/month.
When our first payment came it was $585. And we paid $490.05 as was our contract. Constantly harrassing us about escrow, which was not discussed with us or in our contract, we agreed they would pay the first year taxes and insurance but that after that we would pay these ourselves. Now suddenly Countrywide has decided that our payments as of Nov. Will go up to $642.81. Yet we still have a contract with them stating our payments are $490.05 for the next 30 years.
We have never missed a payment but if this continues we will end up loosing our home because we cannot pay that kind of payment.
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