A friend offered to re-fi our loan, he explained he had some great ';new'; offers, interest only, or pay the full amoritization amount. We were in a 3/1ARM.. Fully amoritzed amount was $1707. This friend claimed he could beat it. End of story is at closing, the loan was 100% different than GFE or TLD, we called him at closing, because he was a friend, he told us just to sign, he had (3) days to correct any mistakes. We are now in a 3/1month/ARM- Prepayment penalty, Our mortgage went from $1707-2600.
They admitted fault, agreed to pay the 1% PPP, and get us into another loan no fees. This is our third appraisal in 6months. We had to have another one done so the house would appraise for $7K more. The broker ';negotiated'; with the appraiser to up the value he wanted another $300. Closing should have happend 10/13/I receive new loan docs, new lender, new rate..
We are going to ';walk'; and ';sue'; We have all docs including a cell-msg admitting fault.