Question by music2discover: How can i be sure my lender isnt taking advantage of me?
I recently refinanced my home and obtained a second mortgage that was to adjust with the national index posted in The Wall St Journal on the first day of each month> I was told this index hasnt changed in 12-24 months however my rate went from 8% to 12% in just the last three months. Can someone explain how I can check to be sure my lender isn’t giving me the shaft and if they are– how do I challenge this?Is there an agency I can bring my note to and have them review it? In 6 months the lender says my rate can go as high as 15%- help!!
Best answer:
Answer by Kathy A
get a lawyer….a realestate lawyer…
Know better? Leave your own answer in the comments!
You need to see a real estate lawyer.
Best wishes and good luck.
It appears they put the ARM (adjustable rate mortgage) on you and you should consider selling the house asap and try again with the help of a real estate lawyer that you hired before you sign anything.