TCF Bank I refinanced my home, I was assured that all aspects of the loan were under a fixed interest rate. Thats what I was told over and over again. i would never sign an adjustable rate mortgage in a fed interest rate hike and inflationary cycle. Im infuriated Im 54 years old, my retirement is in that house. Plymouth MN

Yes, you were had by the person. You trusted the person too much, and that you didn't read the contract when you signed. Your behavior actually concerns me more because you could make the same mistake on other thing else -- trust others too much until you get burned.

Speaking of your report, it seems that you left out some details. If you need 2 loans on the same property, it is very likely because your finance (income) is not qualified (high enough) to pay for the property. As a result, the person convinced you to take out the 2nd mortgage loan to cover the portion you aren't qualified. And because it is the 2nd mortgage, the interest rate is always higher than the primary mortgage loan. In this case, it has a floating interest -- higher interest. No one will ever give you lower or the same interest rate on the 2nd mortgage loan even though the amount is much less than the primary mortgage, I guarantee.

That meant, you made a poor decision on attempting to invest in something you can't really afford right now. Yet, you hope that the property value will go up high enough that you will eventually make the money out of it. This same situation got a lot of people into trouble during the real estate bubble (around 2000~2006). I hope you will come out OK and not get into trouble that results in a foreclosure. In that event, you will come out worse than you are now.

Right off the bat it is a huge concern as to why you would agree to TWO separate loans in a Refinance. Not only that but two loans that have a very high interest rate.  Depending on the exact timing and terms this probably means you were a very high risk borrower.  

But that not withstanding, when you signed on your loans you would have received a copy of the loan documents. Within that there would be a disclosure which would summarize the loan as to Fixed, ARM, Interest Rates, Terms and the total cost with the life of the loans. Do those documents match what they are stating you actually signed?

If so then there really isn't much you can do because you signed the documents.  As even if you have 100 texts stating otherwise they could say that when it came down to signing that is what you signed and that will override any text or other messages.

Now, if the documents you have don't match what they have since you are a business person you hopefully have an attorney you work with. You should have them take a look at the documents and see if anything is improper about it.

The other issue is that you state you have bills that increase every month. If you truly have an ARM, those are fixed for a period of years. After that they will only adjst on a yearly basis at a minimum. So if your bills are increasing every month there is something else going on that you need to find out exactly what is causing the increase.

Judging by even the lower rate you thought you were getting, I'm surmising you only qualified for subprime, higher risk financing. Normal rates right now are in the upper mid 4% range, fixed and variable. If your situation is sketchier than the norm, all the more reason you need to have your wits about you when signing such documents. What exactly did you sign? Was what you signed left with blanks for important stuff like the final rate?

You took home copies of what you signed, correct? What do those copies state?

If you feel they pulled any shenanigans, contact your state agency overseeing lenders, but if your own copies show what they are currently billing you for, you're kind of out of luck and perhaps could refinance again at a normal lending institution.

 The TERMS and CONDITIONS of the loan are located in the mortgage contract YOU agreed to by signing! Again, it's QUITE OBVIOUS, you didn't even bother to READ those Terms and Conditions BEFORE you agreed to them!

The contracts would have told you the exact kind of deal you were obligating yourself to! I mean, this is AMAZING! You are presented with legally binding contracts which obligate you to these Terms and Conditions for years and you don't even bother to READ what you are agreeing to! What is wrong with you people???