Financing in Mahwah>Question Details

Elyse H., Both Buyer and Seller in Mahwah, NJ

i recently refinanced and was misled to the fact that the mortgage a 10/1, was interest only. what is my?

Asked by Elyse H., Mahwah, NJ Thu Apr 10, 2008

recourse. i sent a letter to the Office of Thrift Supervision in Calif. but have heard that bank members (WAMU) are involved on that board. by the way i am in New Jersey. help! single mom, tried of being ripped off by these big banks. thanks, Gail

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You can only file a complaint against the loan officer and the bank Elyse H. After that their is really nothing else you can do. If you are seeking an interest only loan then you would have to finance again. I've stated it here and to individuals what is said on the phone is not necessarily what you're going to receive when the paperwork comes in, so reputation and trust is all you can really base things on.. I'm sorry to hear of your trouble Elyse.
0 votes Thank Flag Link Thu Apr 10, 2008
You should have had a ARM Rider in your closing which states your terms. Did you read through the documents before signing them?
1 vote Thank Flag Link Thu Apr 24, 2008
Elyse as a loan officer I'm very sorry to hear of your complaint and I also appreciate your feedback, so please don't hesitate if you have any additional questions. The link below is for the NJ dept. of banking & insurance. You can file a complaint with the state of New jersey becuase the transaction took place here.
Also if you are still in the 3 day right of recission you can cancel the deal as well. good luck
1 vote Thank Flag Link Thu Apr 10, 2008
Did you sign an arm rider, what did the good faith estimate report the loan as?
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sun Jun 1, 2008
There are many variables on this. Email me directly at NJMortgages@gmail.com or call 908-868-2021 and I can help you.
Web Reference: http://pbaloans.com
0 votes Thank Flag Link Sun Jun 1, 2008
Elyse,

Your situation is repeated countless times throughout the country. I am so sorry to hear about your being misled. When you trust someone to protect your financial interests and the product they deliver is something quite different than you were expecting, it puts a strain on multiple areas of life.

The bad news is that there is not good news for your situation. It sounds as if the three days right of recission have passed and you are, unfortunately, stuck with an interest only not that you neither wanted nor had any idea you were getting.

I do however have a suggestion. Until you are prepared to refinance into a note that includes prinicipal and interest in the monthly payments, you can add a bit to the total amount you pay each month and specify the extra amount to be applied to principal. Most borrowers who have interest only options don't do this, so it will be an anomoly for your lender. My sugestion is to contact the company who services your loan (the company you pay each month) and ask them the best way to apply additional funds to the prinicpal balance of your loan.

Jason (below) gave you some good advice. Before you refinance, ask several friends and trusted family members who they would consult when getting a mortgage.

Good Luck!

Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
0 votes Thank Flag Link Wed May 14, 2008
Gail,

Other than filing a complaint with the Better Business Business Bureau & NJ Department of Banking, I'm not sure you have any other recourse. My advice is to contact those entities and then maybe contact a local Mortgage Broker (get a referral from a friend or family member) to see if they can provide any help or advice. Good luck and I am sorry to hear about your experience.
0 votes Thank Flag Link Thu Apr 10, 2008
thank you both. do you know of any other agencies beside the thrift supervision that I could file complaint with?
0 votes Thank Flag Link Thu Apr 10, 2008
Hi Elyse. Although I do not do mortgages, I sell real estate...your question caught my attention. Although probably best answered by a loan officer, irregardless of what you verbally told and/or understood - what does your Mortgage say? It should be specifically spell out the terms of your loan. I believe there is recourse for predatory lending (if it in fact applies in your case) but I'm not sure how to proceed with it. Best of luck to you.

Gina Chirico, Sales Associate
PNJP-Caldwell
973-228-1000 ext 132
GinaChirico@PruNewJersey.com
0 votes Thank Flag Link Thu Apr 10, 2008
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