I am writing this letter to express my concerns on the mortgage plan that I have received through Beneficial Mortgage Company. Upon seeking information to refinance my mortgage, I have been made aware of the fact that my mortgage balance exceeds the market value of my home. Mind you, the loan that I have is not a negative amortizing loan.
I purchased the home, in October of 1999. I took out a second mortgage in 2000. I consolidated the first and second into one loan in May or June at a rate of 10.5% at a time when rates were really low. Granted, my credit scores were low and I consolidated 2 low credit cards into the program ($5,000 total), it seems as if I was put into a deal that now is drowning me financially.in addition, the loan does not include my taxes and insurance that is an additional burden that is partially why I was looking for another loan.
Is it common practice for a lender to go over 100% LTV or re-finance without an appraisal? It is my request that this loan be researched in an effort to help me free myself from what I think was a scandalous highway robbery.
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