Hi,
I am not sure how to define this mortgage/lending issue, but here goes...
We have a mortgage that recently more than doubled to more than we can afford. Unknowingly we signed for this without realising it would jump to a crazy mortgage payment. $2k to almost $5k....
When applying for lending with large mortgage company. My spouse was working while I became unemployed at time having been recently laid off. Mortgage broker used my last paystub with our understanding wifes salary could cover the mortagage payment.
Additionally due to lack of credit history broker was willing to add funds temporarily to bank statement to give appearance of more financial capital in bank. This to me seemed strange at time and now I see why as mortgage payments have more than doubled with bank demanding this unreasonable increase out of the blue. Obviously there was financial incentive for the broker to sell us this deal!
Please can someone offer advice as we have just recieved notice of foreclosure beginning in 3 months if we don't get current to tune of $20k...
We are in California and my first step would be to file a complaint with the attorney generals office. We have a dated paper trail of emails documenting the above mortgage broker transaction.
thx
desperate soul.
I am not sure how to define this mortgage/lending issue, but here goes...
We have a mortgage that recently more than doubled to more than we can afford. Unknowingly we signed for this without realising it would jump to a crazy mortgage payment. $2k to almost $5k....
When applying for lending with large mortgage company. My spouse was working while I became unemployed at time having been recently laid off. Mortgage broker used my last paystub with our understanding wifes salary could cover the mortagage payment.
Additionally due to lack of credit history broker was willing to add funds temporarily to bank statement to give appearance of more financial capital in bank. This to me seemed strange at time and now I see why as mortgage payments have more than doubled with bank demanding this unreasonable increase out of the blue. Obviously there was financial incentive for the broker to sell us this deal!
Please can someone offer advice as we have just recieved notice of foreclosure beginning in 3 months if we don't get current to tune of $20k...
We are in California and my first step would be to file a complaint with the attorney generals office. We have a dated paper trail of emails documenting the above mortgage broker transaction.
thx
desperate soul.