Heads or tails?

[2bgrand]

I'm posting this here as a newbie. I have read and researched this and other sites, yet I still wonder......

Dec 2007 my mortgages(1st ARM, 2nd fixed) were over 100% LTV even based on CW's appraisal. No room for refi and the ARM kept climbing dramatically. I get a solitiation call from JC Mortgage and told them I wouldn't pursue any other avenue than a 30 year fixed, combining the 2 mortgages, as I was ready to throw both my mortgages out the window. The agent was kind enough to send out the appraiser, her brother in law, whom jacked our appraisal from $102K to $125k, no improvements done to the property since the prior appraisal. Don't laugh too hard west coasters on my mortgage, I'm small town Wisconsin.

I recently reviewed that appraisal, realizing the inflation, and found out that I have (he he, somewhere), a house that was built in 1971, not 1953, with 904 sq ft not the 742 with my tape measure of the outside of the house. I also, via the appraisal, got myself central air, a patio/deck, and a finished basement! I can't wait for the central air to kick in this summer. Apologize for the sarcasm.

Anyways, the loan came through, title company on the way to my house to sign papers, agent calls and says " Don't freak out when you see the 12% APR, we had to do it that way to get rid of some cash out clause on your previous 1st mortgage. I already have a loan in process for you to get your interest down to where it should be." We signed, 2 weeks later I had counrtywide and JC duelling rates at 6.5%. Signed again through JC as they were "waiving the closing costs for the redo of the mortgage". Countrywide ended up buying up our loan anyways.

So, textbook underwater, hardship letter in process, QWR's in process, here I sit. My wife and I both unemployed, she went back for college, I'm learning the mortgage aspect of life from the school of hard knocks.

I didn't want to write any of this on a new thread, as random questions that I have searched always seem to end the same way,"consult an attorney". I'm the egghead that wants the facts ahead of time. This is or is not predatory lending in Wisconsin, one or the other, based on what?

I don't want to be a newbie cauzin havok, but I have printed up TILA, RESPA, Wisconsin Legislative Statutes regarding mortgages and foreclosures, Wisconsin Assembly Bill 792 from 2003 and 2005. I do enjoy your site, but a law/legislation forum would help, with fewer stickies on each topic that most newbies jump in on. I simply want specific citation to build a foundation that will be able to stand on as I hope to be one of your many success stories.

[Moe Bedard]

since we are not attorneys..........just a group of homeowners trying to save our homes...............which is the premise of this forum..............we are not able to advise on any legal questions or issues.
I bet you could find a good law/legislation forum with attorneys out there.

[2bgrand]

he he, I think u just used "good" with "attorneys. I understand a liability aspect of not telling someone to do this, or do that. It just took me a few extra hours last night to get everything printed out in terms of the legislation, tonight or during the next week I'll be picking it apart. It is nice to know that others out there are dealing with this, and a thank you is in order for atleast pointing me in the right direction. Thank God for Yahoo search.

If you would be willing I could post up some of the more helpful sites that I have bookmarked, I'll even through in a liability statement for ya. It's not like I have to be to work in the morning.

Please, I truly am thankful for the website, and hope I can be of future assistance as we pursue the downfalls of mortgages everywhere.