Bad Condo Investment Nightmare

[Joel Fraser]

Hello all and I feel relieved just knowing I have people that are either going through what I am or can help with some ncouragement. In 12/06 I made the mistake of buying an investment condo in Tampa Fl that was a condo conversion. The mortgage process was mystifying as I had to use their lenders, their appraisers and their title company. I should have realized I would be upside down on this in no time but I wasn't smart enough so now I'm in a situation where I am it is costing me over $1,000 monthly even after getting rent from my tenant. As I reviewed my note documents and did some research, seems like the guy that took care of me from Premier Mortgage Funding (I think they are now defunct) was a convicted felon. He was quoting different interest rates everyday and then when I got near closing the rate went up again and he said that "he had to make some money" also. That was an understatement, as the closing costs were phenomenal. I paid $205,000 for this unit and now with short sales and foreclosures showing in the comps, a prospective buyer can buy a comparable unit from the bank for $100,000. I signed loan docs from my primary house in NY and mortgage consultant told me to call him if there was anything I needed to know while the notary was at my home. Seems like there was a 2 year PPP and I didn't realize it and signed it, thinking that this was the investment of a lifetime and I would never be in the hole on this condo. Needless to say, when I called him, he didn't pick up. After reading about all the predators out there, I am now convinced that my loan is completely filled with inaccuracies, deceptions and money making tools that only the developer of the condo conversion, the realtor, the mortgage lender and the title company were filling there pockets with. Problem is I have a credit score of over 750, pay my bills impeccably on time and I am up to date with my condo mortgage and association dues. A friend told me that I should have my mortgage document audited and then see an attorney for possible fraudulant practices that could result in my getting my 8.125 interest only 5 year ARM lowered and possibly some of the principal would be reduced from interest paid. Is this true? Please give me some advice as I feel like an idiot after seeing what I have done and the situation I have put myself in. Thanks!