I eventually got my disclosures, that was the day they wired me 70,000 dollars. The disclosure came with the first statement payment. With disclosures finally physically in my hand, I was horrified to learn that my interest rate on the new loan started at 9 percent and was an adjustable rate that was to skip to 12 percent within three months. I, and most people would not agree to those terms on a REFI for a home loan. I called Mr. Abrahm the broker, right away. Mr. Abrahm acknowledged the two issues that were frustrating me. My (1) complaint was that I was told that I was getting 200,000 and I only received 70,000. My (2) complaint was my rate was at 9 percent when I was PROMISED 6-7 percent? I was told that they needed to work my credit up by me making 3-6 months of payments and they knew they withheld some of my equity. At this time my credit was at a 720. Next, my broker told me that Countrywide would be willing to renegotiate in 3- 6 months and give me a new REFI.
This new REFI I was being bombarded with was NOT REQUESTED BY ME. What I wanted and asked for was a RECISION of the loan. I was denied because I was told it was too late to rescind, which was after a three-day recission period. At this point I did not pursue a loan modification. I went ahead AND DID WHAT THEY TOLD ME TO DO. I was basically told to trust them again, and with these payments being made everything I perceived as wrong with the loan would be righted. I was even told that I would have a little more equity because EQUITY IN THE MARKET was going up so fast at the current time. I PASSIONATLY told them I DID NOT WANT MORE MONEY; I WANTED A BETTER INTEREST RATE.
In the process of following the brokers advice I was contacted by FTF. At this time, I had already made two payments towards the 3-6 months of payments I was told that were needed to fix my issue with my loan. FTF now told me that they had a new REFI for me. When i started making these payments they were almost 3,000 a month, when prior my payment was 1,100. I made it very clear the entire time that I was comfortable making payments of about 2,000, but more in the 1,800-dollar range. This was not feasible for me so I contacted the lender right away and said I NEEDED OUT OF THIS LOAN IMMEDIATELY.
I was then contacted in May of 2005 by a man who said he was HIRED BY FTF TO DO A NEW APPRAISAL OF MY PROPERTY. This appraisal was eventually done. At this point no NEW LOAN MODIFICATION WAS PRESNTED TO ME, JUST ANOTHER REFI. In June of 2005, the third REFI took place. The terms of the REFI were again a 6-7 fixed interest rate with me receiving the rest of my 80,000 dollars in equity. This time around I ended up with what is a called an 80/20 loan where they gave me a first REFI at 8 percent, with a second at 10, both adjustable. MY INTEREST RATE TOGETHER WAS AROUND 18 PERCENT. I once again explained that this was not feasible for me.
