U
ucrick
Guest
I used the services of a morgage broker in Ohio to find a morgage for me. After they found a mortgage from me they told they had a mortgage that was perfect for me. I was told it was a 3 year ARM where the interest rate would increase by 3/4% per year. I did not receive any Truth in Lending papers, I just took their word for it and eventually closed on this mortgage. I later found out that this was a one month ARM and this was a negative amortizing mortgage, basically I am getting back interest added to my principle. I went back to talk with the president of the mortgage broker firm and he told me I was pretty much out of luck. I contacted the branch of government which regulates Mortgage Brokers in Ohio, and they sent me a complaint form as well as a complaint form from HUD (RESPA Papers). Basically I just want to get out of this mortgage and into a conventional mortgage. Any suggestions?