I am a widow of a veteran, I am 100% disabled and have been in the hospital about 6 times this year, and had three surgeries.
I wanted to reduce my mortgage interest rate to attract more buyers, as my home is not very appealing. I got a card in the mail saying I could get a 4% loan with no cost to me, and it would be a V.A. Assumable, so I could let another vet assume. I needed to move closer to my children so they could help me since I was having so many health problems.
I was still on pain meds when the mortgage guy showed up to do the loan. He was very kind and kept saying I want to help you because you need it so badly, and I am going to call my boss and see if we can waive most of the "downpayment" for you. He called and I heard him say, words to the effect that, "look we can take care of this lady and do the right thing".
Well, I signed and less than a week later put my house up for sale. I told the realtor I would pay her to please advertise it was an assumable 4% vet loan.
Then she suggested I call the mortgage company to make sure it was assumable. I did and the head of the assumtion dept. Told me "No, it is not" I was so shocked. I knew the V.A. Would be o.K. With it, since the other option woulkd be foreclosure... I have the letter stated "you loan is not assumable". Now I am going to have to "walk away from it'
I couldn't sell it. I never got a copy of the mortgage, never got a coupon book, and I called both Mortgage investors and the place they said they transfered my mortgage to, GMAC, and was told They had no record of a mortgage with me. They recorded a lien on my property 4 months after the loan was signed. I don't know who to pay or where my mortgage is. I went to a lawyer for free consult. He said "you are stuck" none wants to bust these guys. They are very powerful and it would take a whole team of lawyers with money and lots of time to take them on. So. I will not pay these crooks one more penny. I will walk away from my house, they can have it.
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