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Countrywide Home Loans 15/30 Loan / deceptive business practices

1 MI, United States

I refinanced my home and took out a 2nd mortgage of $21,100 in May of 2007 to pay to have a new well dug and a mold problem fixed. I thought I was getting just a 15 year loan on the 2nd mortgage, but found out yesterday during a solicitation call from Countrywide that a 15/30 loan, which is what I was told I have, means that at the end of the 15 years I will owe a balloon payment of about $17,000! When I went back and looked very closely at the monumental stack of paperwork I had been presented with and rushed through signing, I saw that this is exactly what the case was. This was never explained to me by my loan officer. I would never have agreed to a balloon payment loan. I don't believe in them. I think they're just putting off the inevitable and are for people who just live for today without thinking down the road about the future. I am so disgusted. I was told my only option was to pay more toward principal each month to pay it down quicker. READ YOUR AMMORTIZATION SCHEDULES VERY CLOSELY. LOOK AT THE LAST PRINCIPAL FIGURE!!!!!!!!!

Le

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