A+ 2/28 xp full doc 40/30 1st
6 month libor
Start rate/floor 9.95%
1st rate change 24 months 3%
Regular rate change 6 months 1.5%
I never received a gfe on this loan. I was told the rate was 6.99% by the loan officer. wells fargo bought this loan from inhouse lender with knowledge that the property was over-valued and the terms of the loan were outrageous.
I have been requesting help regarding this situation since august of 2007 when I found out that the rate was actually 9.95%. I have also been working with the loan department workout negotiator for months and have been told one thing and then another thing is done or completely disregarded. I have kept very careful notes regarding every conversation I have had.
Imagine my surprise to learn from an ad with careerbuilder.com that a workout negotiator makes between $13.00 and $14.00 per hour. a high school diploma is required and some "other related finance experience preferred". must be detail oriented, self-motivated and have ability to organize assigned work. must be a team player.
I am appalled that my future and the future of my home are in the hands of inexperienced workers, making only $13.00 to $14.00 per hour. it's no wonder that there is no communication and no credible solution to help me in this incredibly malicious loan being offered.
What has been done to us is immoral, not the least of which should be illegal and the powers that be should be ashamed that this type of practice was and is ongoing. had I known that my actual interest rate would start at 9.95%, I would never have agreed to the loan.
Also, notary publics are the only people that go over the loan documents for the purpose of signing. there is no 3 day right of recision with a new loan, only with a refinance. the notary that signed with us gave us no information, simply pointed out the places where we were to sign. if notaries are to be allowed to sign loan documents with clients, they should be required to have knowledge and give explanation as to the terms of the loan at the time of signing, or the lender should be required to sit at the table with the borrower and the notary at the time of signing.
My credit is ruined and I will most likely lose this house because of unscrupulous and what should be illegal practices by the people involved.
I'm sure i'm not the only one who is experiencing this. I have 12-year old twin boys who are completely stressed out that we will have to move out of you home and they will possibly have to change schools.
In addition, the value of this property is now only $490, 000.00. it has devalued by $250, 000.00.