Reply to What I don't get: When people complain that they are drowning because their house is underwater

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[quote=Anonymous]

That's nothing! When I bought my first house back in 2002, interest rates were at a then-very attractive 6 percent. I told the mortgage guy I wanted a 30-year fixed. He kept pushing a 40-year amortization on me. I said, no, a 30 year fixed. He agreed.

So, I get to the settlement table and I'm reading the loan papers and ... it's a 5-1 ARM and a 40-year amortization!

I called that guy and he basically says sorry it was all I could do. I was livid. I closed but raised hell with the State Corporations Commission in Virginia. The lender tried to blow me off but I was able to produce a commitment letter that outlined the 30-year fixed. State raised holy hell on my behalf and the lender (American Home Mortgage, which we later discovered was one of the really bad guys) was forced to buy back the loan and give me the terms promised. Small victories.

Ironically, I ended up refinancing that 30-year fixed a year later when rates dropped a point. Sheesh.[/quote]

this
I bought a home and an investment property here and neither one came to the table with the agreed upon loan terms.  Both changed at the closing table after significant delays to the point the sellers were ready to take the next offer...so I closed anyway.  Fortunately for 30 yr fixed loans though which I too had to fight to get vs the option ARM and other ARM products they kept pushing on me.  I can't imagine how less savvy people handled the unscrupulous mortgage brokers back then.[/quote]

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