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I closed my mortgage last night and today i find out that rates are not what i have been told.?
i know i am stupid and should never signed the loan yesturay but it's too late now. Does any one know how i can stop the loan or cancel?
I got 5 year arm lona and only at closing ( last night) i find out it's 9.25 percent interess which i never would agree if i knew it.
Now closing is done and i am trying to find legal ways to stop it since i can't afford it.
I understand stupid ppl should be teached good lessons and i probably will learn my lesson but for now i will apriciate any help.
Thanks
"This would have been on your Good Faith Estimate, or your ARM disclosure, or your Lock-In Agreement. You need to look thru every document you signed with the lender prior to the closing. You have copies of these, right? "
Well my GFE and TIL are totaly different, it's like night and day compare what is during the process and what was at closing.
Example:
TIL APR during process is 2.37 for 359 month and at closing 9.25
GFE 2.37 during process and 9.25 at closing.
7 Answers
- 1 decade agoFavorite Answer
When signing a contract, they should explain you the contract clearly. If they did not, I think you may cancel the contract. Or file a complain with your state's customer affair. Dont take my opinion as last option, talk to a lawyer.
- Anonymous1 decade ago
If this was a purchase, there is not much you can do. However, if you refinanced your existing home, you have a 3 day right of rescission which entitles you to rescind, or cancel the loan during the 3 day window immediately following the closing. The loan will not fund if you rescind. If it's a refinance, you should have a right to rescission document in the closing documents you signed. If you can't find it, call the lender or broker and tell them you want to rescind, and fax them something in writing stating you didn't understand what you signed and want to cancel.
As stated before though, if it's a purchase, the loan has already funded and you can't really do anything but pursue litigious action.
- Anonymous1 decade ago
Once you signed, there isn't much you can do about it, unless your loan officer/mortgage broker commited fraud and never disclosed your interest rate to you in writing. This would have been on your Good Faith Estimate, or your ARM disclosure, or your Lock-In Agreement. You need to look thru every document you signed with the lender prior to the closing. You have copies of these, right?
- ?Lv 71 decade ago
In my business the auto loan business it's illegal not to disclose the interest rate at the time of signing a contract.
I would contact your States attorney generals office and find out where you stand.
Source(s): Finance Manager for over 7-years. - How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
Quick, you should be able to get out within a certain number of hours without penalty. The laws vary by state, you need to contact the mortgage company ASAP by certified letter. If you have a decent relationship with a real estate person or lawyer, check with them on the amount of time you have to change your mind.
- 1 decade ago
CALL THE TITLE COMPANY..... was it a purchase or refinance?
It's called bait and switch repair it to your local FBI.....