I have recently taken out a mortgage with World Savings. I had told the broker numerous times (since they were requiring me to come up with 25%) that I would be borrowing that money from other creditors at high interest and other family members who need the money back right away.
I told him my plan was to get a home equity line soon after we closed. He said no problem its done all the time. Now for months i have been trying to find a company who would do some sort of a second on a negative amortization loan. Nobody will touch it.
I have called probably 20 different equity line companies and they wont give me the time of day. I have talked to world savings and have asked them if they can take that off the note the neg am part and just allow me to make a thirty year fixed payment and that was a no.
Shouldnt they warn people that they might have a problem with this after they close. If anyone can offer any advice or help it would be much appreciated.
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