Wells Fargo Mortgage predatory mortgage loans!!!! national

I know there are a lot of papers, but everyone needs to read their loan documents! From them you can figure out exactly what month your payment will go up, and exactly what your new interest rate will be. From there you can go to an amortization calculator online to see your new payment. If you have an ARM that hasn't matured yet, do this to be prepared.

Question for Aimee: you said you refinanced and your home appraised $30,000 too high. Did your loan company give you that $30,000 at closing? If so, it doesn't matter how much they appraised your home for, you got the money. I also happen to know that homes in many states came down in value since 2 years ago. Could it be that the $30,000 figure that is too high now was about right 2 years ago?

I am so sorry this happened to you. Unfortunately for you the mortgage companies are back to their stricter rules for obtaining mortgages than they were 2 years ago and it is much more difficult to get a loan these days (as you are finding out). It is because so many people are unable to re-finance and unable to pay the new loan amounts once their ARM matures. I am sure that 2 -4 years ago, no one forsaw this would happen and figured if they could qualify for their original loan, they can qualify for a re-finance.

I, fortunately, was very lucky to have such an honest mortgage broker. He told me my interest rate would increase after two years and after reading my loan documents, I was able find out exactly when and how much. He also told me to keep my credit clean and I did just that. My credit score is not very high (due to old debts), but I was able to re-finance at 7.65% (an affordable rate) 30 year FIXED because my credit was clean during the 2 years I had the ARM. However, I went through 5 mortgage brokers to find me the loan. Keep trying. Don't listen to the brokers who discourage you from going to others. You may get lucky.

Also, the government is coming up with programs to help people like you in trouble from ARM mortgages (hope they follow through). Do whatever you can to get current and hopefully in the next few months, there will be someone out there that can help you because of government help.

I wish you much luck!