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Question about Predatory lending

This is a topic titled Question about Predatory lending made in the Mortgage Legal section, belongs to our Mortgage Chat category; First I would like to thank all for this GREAT site!! Back in 05 I moved to Florida and because I did not know may people my realtor set me ...








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Old October 14th, 2008, 02:31 PM   #1
Mike
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Registered: Apr 2008
Posts: 1,497
Default Question about Predatory lending

First I would like to thank all for this GREAT site!! Back in 05 I moved to Florida and because I did not know may people my realtor set me up with everyone I would need to buy a home. (first mistake)!! Well, to really make a really long story short the mortgage broker said because we could show no income in Florida he could only get us a ARM's even though we had $200,000 down from the sale of our other home. Now here we are 3 years later struggling!! Never mind the fact that since we said we would rather move then do a refi. 1 1/2 years on the market and no bites lot and lots of showing but, no bite!! I did a little investgating and I think that they did the comps on my house to the comps in the better part of my community!! My comps compared to the "excutive home and custom built", instead of the home down the block that sold for $287,000 3 mths before I was appraised for $395,000!! I even paid more than some of those excutive homes on bigger plots with lots of extras!! I don't understand why he told me that that was the only loan I can have and I do not understand why they would have appraised my home for soo much more!! I didn't lie on my loan I didn't ask to borrow more that I need I just do not understand!! And our credit was not bad at all!! I really feel ripped by him, my realtor and the appraiser!! NO one looked out for my best interest. Now Iam stuck in a home that will not sell while everyone around me sells!! And I am paying for a home I can no longer stand to be in!! Is there anything I can do!!??
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