I have been reading through some of the post and I think I might be the odd man out here. Back in 2004, I fell into the sub-prime mess like the others here. New Century sold my mortgage to Homeq. Once, my 2 year fixed ended, my payment doubled! So I started looking around to re-finance. If we all remember, we were told these sub-prime mortgages were only tempory and when the fixed term was done, we were promised to be able to qualify for a prime mortgage like normal borrowers. Homeq refused to refinance me saying the 2 payments I missed disqualified me. No one would touch me. Finally, Majestic Mortgage contacts me and tells me they can rescue me from my variable interest hike. Little did I know I was being taken for a ride. I was promised another 3 year fixed at 7.5 with a catch, I had a second mortgage now with another company called FMF Capital. I didn't know at the time that this was a 15 year balloon loan at 15%. It wasn't on any of the preliminary paperwork you sign before the actual closing. According to my Truth-in-Lending, they were also suppose to consolidate all of my bills. However, this isn't what happened. 2 hours before closing, which occured at 8pm with a notary at a private residence house, I had to pay $5000 upfront. I was told I would be getting this back in 2 weeks after signing and this was just to make the paperwork "look" good. I had to have my father wire me the money in order to complete the signing. I had no choice. My payment with Homeq had gone up 100% and was getting ready to go up again. When we got there to sign, the gentlemen rushed me and my partner through the paper work, he didn't go over any of the terms and left without giving us a copy of anything we had just signed. I later found out the $5000 was the closing cost to Majestic Mortgage and was non-refundable! Talk about feeling betrayed. When the 1st payment came due on the 1st and 2nd mortgage, we found out both of them had already been sold. The 1st to HSBC and the 2nd to Litton Loan servicing. The first problem we ran into is the terms that were given to HSBC were wrong and it took months to get corrected which showed up on our credit reports. Secondly, we could get the information needed to pay Litton. By the time we did, they had already charged off our account! We documented every call to them. No one there could give us the same answer twice. They asked us to sign a paper to make payments. My co-signer signed but I didn't. The problem we face now is we can't get the 1st and 2nd mortgage re-finance because Litton handled our loan wrong in the first place and Majestic Mortgage put the screws to us. We never received any notification of where or what to pay when they bought our loan. We are now in the 3 year of the second re-finance and we are facing the same situation, no where to turn and we are scared of losing our home. We know we can't afford the variable rate and we have found out that we can't refinance. We have tried FMLA but do not qualify because of being late due to Litton charging the 2nd mortgage off. Does anyone have any ideas? We are clueless on what to do....
Rock Hill, South Carolina
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