JimSpringfield
Junior Member
What is the name of your state (only U.S. law)? Missouri
Due to an event in 2005, I found myself unfortunately getting a second mortgage on my home. It was an odd arrangement, but basically what I remembered before last Saturday was that it was at 19.9% interest, calculated daily (stupid I know).
I have called them about 4 times over the last few years asking if there was any way to lower the interest – they said I would have to refinance. I have tried getting refinancing with other places but frankly, my house isn’t worth what I owe now.
Saturday I decided to pull out the paperwork and see just how much longer I have to pay this stupid thing, over 6k a year and only a $200 drop in principal is killing me. Then I remembered and it’s all right there in the contract – the interest is suppose to go down every 12 months of "on time payments". It is even amortized in the contract as well as an entire section talking about it. All in all with the interest going down and the calculated payment would be 15 years exactly - not forever like it would be now.
I have been paying extra and on time, every payment. Had some math people calculate out that I am still paying the 19.9 percent calculated daily – they have never lowered the interest.
Do you think a contract lawyer could help me? I had trouble finding one today but I will continue on if you think he/she could help.What is the name of your state (only U.S. law)?
Due to an event in 2005, I found myself unfortunately getting a second mortgage on my home. It was an odd arrangement, but basically what I remembered before last Saturday was that it was at 19.9% interest, calculated daily (stupid I know).
I have called them about 4 times over the last few years asking if there was any way to lower the interest – they said I would have to refinance. I have tried getting refinancing with other places but frankly, my house isn’t worth what I owe now.
Saturday I decided to pull out the paperwork and see just how much longer I have to pay this stupid thing, over 6k a year and only a $200 drop in principal is killing me. Then I remembered and it’s all right there in the contract – the interest is suppose to go down every 12 months of "on time payments". It is even amortized in the contract as well as an entire section talking about it. All in all with the interest going down and the calculated payment would be 15 years exactly - not forever like it would be now.
I have been paying extra and on time, every payment. Had some math people calculate out that I am still paying the 19.9 percent calculated daily – they have never lowered the interest.
Do you think a contract lawyer could help me? I had trouble finding one today but I will continue on if you think he/she could help.What is the name of your state (only U.S. law)?