My mortgage company quoted me a payment of $510.-$560. A month when I inquired about a refinance. I applied because that was within my means. They dragged out the loan procedure until the last day the loan application would be valid, and sent someone to my home at 11 pm at night to sign closing papers. It was at this time, and ONLY this time I found out my payment was $748.52 and it was an A.R.M.
What was I to do? I had already paid for the appraisal, had made arrangements to pay off my creditors, to have my yard fenced, new central air, etc. I am disabled, on a fixed income, and panic signed the papers!
Now my rate is going to adjust to nearly 14% and I'm afraid I won't be able to make my payments. I will surely lose my home in time, since I now have to pay $400 a month for medications thanks to plan D.
With no Preliminary Disclosure papers on file, is this loan even legal? Do I have any recourse whatsoever? I can't refinance again as my credit is very poor due to medical collections and judgements. I don't want to lose my home. I am praying I can do something about them not having had me sign those documents? I need a miracle here!
Please help. Thank you so much. Linda

You knew the rate prior to signing the paper work, you had the ability to say no, and many people pay for appraisals and end up not getting the loan.

You can hire an attorney and see what you can do, first you should not have allowed someone to come over at 11 pm unless you are a night person. But it looks like you made an informed choice, merely a poor choice and now want to get out, the time to get out was before you signed your name.

As for Plan D, you need to call around, each company has different amoutns they pay for drugs, not all plan d's are the same, for example Mutual of Omaha has three plans just thierself. But each company pays better one or antoher drug, so where one company pays poorly on one drug another company may pay better on it.

I don't know if this was illegal, but it certainly seems shady. I don't know of ANY reputable company that would conduct a closing at 11 PM or in a person's home.

The thing is you had a 3 day right of recission. Apparently you didn't exercise it. So I don't know if you can get this loan overturned.

This indeed is illegal, which I recently found out with the help of the attorney generals office. The mortgage company has one week to either a) rewrite my loan or b) refund what I have paid into my loan thusfar or c) go in front of the judge.
So you all know, there is no time frame, and this is a major impingement on my rights. It is required documentation by the FDIC, and not telling me anything until closing night was just plain "deceptive business practices."
This company is going DOWN. I am ever relieved to know that in one way or another I will be able to keep my home, and thank God I wrote to the attorney generals office for help.