Legal Question in Real Estate Law in Illinois

Mortgage adj ARM

I have an adj. ARM loan w/a rider that increases the rate every six mos. I was totally mislead by the lender and now the payment shock is really starting to hurt. I don't want to lose my home. I can't refi w/the lender b/c they have filed BK.

Other lenders are taking advantage of bad situation w/ charging high points to refi w/them.

Is there anybody that I can turn to for help.


Asked on 6/02/07, 5:49 pm

2 Answers from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Mortgage adj ARM

you have to make a business decision. Do you want higher rates every 6 months or do you want to bite the bullet now.

I'm sure there will be class actions suits later, but you need to do something now.

Only other alternative is to sell.

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Answered on 6/03/07, 10:27 pm
George Zuganelis Zuganelis & Zuganelis, Attorneys at Law, P.C.

Re: Mortgage adj ARM

I participate in a program that has 2 banks that allows mortgages from this program to proceed without points or other junk fees. Plus you get a discount on the interest rate because there is no commissions to be paid. You can't do this yopurself. You must get this through a participating lawyer. Please call me.

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Answered on 6/04/07, 2:37 pm


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