I was lured into this adjustable rate loan on the premise that my lender would refinance it in 12 months to a fixed rate with a.mangeable payment and told that I should use some of the registration proceeds to meet the huge payments. My home which at the onset had a mortgage balance of 50k and a 489 payment became a 247k note with an adjustable rate and a 2500 payment. I rescued it from forclosure twice at about 10 each time from different lenders as it was sold down the river. Countrywide, then Chase, and finally forclosed upon by Ocwen.
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