We currently have quite a mess on our hands right now. Yesterday CP got a letter from his mortgage company for the condo that we still have out west (that we are currently renting out). It said that his home equity loan (i.e. second mortgage) is maturing in March and that we owe $24,000.
Ummmm WHAT???!???!!
CP called customer service and they seem to think that he got a 5 year home equity loan with 95% of the loan due in a lump sum payment in two months. Meanwhile, we tore through all of CP’s closing documents- and found a note for a 30 year fixed rate loan……but it is not signed. It does have his account number on there, but still not signed.
*Bash head on table. Repeatedly.*
All of the mortgage companies are so busy with foreclosures and modifications that this could turn out to be quite a mess. We don’t have $24,000. We won’t have $24,000 in two months. I am at a complete loss. CP NEVER agreed to a balloon payment.
His mortgage company is sending us the paperwork that they have. We are trying to contact the Title Company to get the signed paperwork that CP was supposed to get 5 years ago.
This is not how I wanted to start 2011.
8 comments:
Yowza. I really hope you can get this all straightened out. That is one HECK of a mix up.
OMG. I almost just had a heart attack reading this post. I am so sorry! I hope you can get this straightened out with minimal fuss--and WITHOUT paying $24,000!!!
Ugh, what a nightmare. I hope thatu can get this straightened out.
Holy &^(*%(^%((*(@
I'd be freaking livid.
Good luck :(
OMG...my heart is beating rapidly and my jaw is hanging on the floor! I would say this is quite a mix-up and I hope they figure it out soon!
I'm so so sorry. This makes me sick, as I'm sure it does you, too.
Sorry this happened to you guys!
This type of loan is quite common especially for second mortgages. Your monthly payment is based on a 30 yr/fixed rate type loan but the maturity date is much sooner...typically anywhere from 5 to 15 years out.
Hopefully the mortgage company can work with you and get it straigtened out.
Good luck!
yuck..this is not helping me get over my fear of buying a house at all..
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