Instamortgage.com contacted me about a refinance at the time I had a 30 yr. Fixed mortgage that I was in for only six months I just purchased the home for $275,000. The home was originally apraised for 274,000.instamortgage offered me $15,000 at closing with no closing costs they bumped the value of the home to $335,000 without ever setting up or sending a apraisal.
They fast talked me into a adjustable mortgage telling me I would be able to refinance it at any time. They also put the loan in my wifes name who has not worked for 5yrs. And showed no income with a 670 fico score. When i tried to get them to refinance this 1 yr. Later because of the turmoil in the mortgage business and I just wanted a fixed loan they said they could not do it because my score is to low and my wife does not work.
Now I have found myself struggling as so many others are and find it very hard to handle the $1,760 a month payment this does not include taxes and insurance those i pay directly. As my payments become late they send it to the credit bereaus who lower the score even more. So by the time the adjustable kicks in my score will be nothing the payment will increase i will never be able to refinance, instamortgage will continue to harrase me and then cry to the government for a bailout.
The banks do not have to raise the rates at the adjustable term and then cry poor. I am searching for legal representation to this matter. I believe that first of all these banks get all their interest before any real money comes off the principal. This is ridiculous. They rake in the money while the principal stays the same raise the adjustable on you when times are bad. Then try to foreclose to take the home from you and then sell it for a short sale and tack the difference owed on you as a judgement.
And if this does not work for them then they cry to the government who bails them out and I have to pay them all over again with my taxes. Quite a scam the government and the banks have going there. When are we gonna stand and take our country back from these greedy scum.
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