Close to losing First Franklin

[slikrnu]

Please help to point me in the right direction.


I am a victim of predatory lending. My home is currently in foreclosure and I am having to file bankruptcy to save it.

While looking over my loan documents I signed when I purchase it, I noticed that the Truth In Lending page I signed does not show my payments changing. It only shows them staying the same. However, they did go up substantially after 3 years and every 6 months thereafter.

I did sign a an adjustable rate note, but the actual Truth In Lending does not properly disclose that my payments would go up and by what amount.

Is there anything that can be done about this? Aren't lenders supposed to properly disclose all the facts?

The lender was First Franklin Financial.

If you know who might be able to answer this or help me, please let me know.


Thanks.


Independence, KY

[slikrnu]

Please help to point me in the right direction.


I am a victim of predatory lending. My home is currently in foreclosure and I am having to file bankruptcy to save it.

While looking over my loan documents I signed when I purchase it, I noticed that the Truth In Lending page I signed does not show my payments changing. It only shows them staying the same. However, they did go up substantially after 3 years and every 6 months thereafter.

I did sign a an adjustable rate note, but the actual Truth In Lending does not properly disclose that my payments would go up and by what amount.

Is there anything that can be done about this? Aren't lenders supposed to properly disclose all the facts?

The lender was First Franklin Financial.


My loan was modified by them last year. They were going to escrow. Now, i have discovered that they only escrowed the taxes, so my insurance has gone unpaid for the last 5 or 6 months.


If you know who might be able to answer this or help me, please let me know.


Thanks.

MC
Independence, KY

[Moe Bedard]

If you file a Chapter 13 Bankruptcy to save your home from foreclosure you will not be able to apply for another modification.

Given the situation that you posted you do need to find a Real Esate attorney to look at your documents..........the timeline on payments is followed by the adjustable rate note rider and whatever it says. The Truth in Lending statement is a projectory amortization of the payment schedule and Is not always to the letter as a lender doesn't know what the market will bare in years to come.

Please as *** says if you feel that there are violations in compliance you need to have the documents reviewed. They did modify with you yet you state that you are in foreclosure....the insurance would not have caused that issue. Have you become delinquent in the payments again. If so is there hardship involved and have you applied for hardship relief.

You need to contact HOPE... 888.995.HOPE or ACORN ACORN: Home these are non-profit organizations that will help you and intervene. The insurance issue is easily fixed by purchasing a policy and having the agent notify FF and they will have to take the forced placed policy off the loan.

While you are in Chapter 13 you would be unable to modify the loan again or work out any payment arrangements other than the required payment each month going forward from the filing of the Bankruptcy.