I purchased my 1st home in May 2005. This was all new to me. The finance company that helped me secure the loan left out a lot of IMPORTANT details. Example... my loan could be purchased by a mortgage company other than the initial mortgage company at my closing. This occurred within weeks of my mortgage. Before I made my 1st payment. Purchased by Countrywide and HSBC, a split mortgage. That was not explained to me either, split mortgage. Did either mortgage company contact me to see if I understood everything, or had any questions, NO neither did. I had to ask around what a split mortgage was as the finance company who helped my get my loan was no longer in business. Guess as long as the mortgage companies have someone's name on the dotted line, that is ALL they care about.

My story is the same as TOO many others. I signed my contract not realizing what a ARM was or meant. My payments more than doubled after 2 years when my ARM came up with Countrywide. HSBC did not increase my payments. How could Countrywide raise them, but not HSBC when I only signed one contract when I bought my home, not two? My house now has been set for a Sheriffs Sale next month by Countrywide. It has been on the market 10 of the last 12 months.

When trying to discuss things with Countrywide, I was informed it is "my fault" because I didn't inquire about a ARM before signing the paperwork. It was all wrote out in my contract. They did not care about me, my finances, or the fact I am loosing my home at all, not to mention nothing was explained to me about ARM's. Yet the CEO of Countrywide got 192 Million dollars for "compensation fees" in 2007. Wonder what his salary was??? This was on the National News. I hope the FBI hits Countrywide HARD for the things they are doing and have done to their customers. FBI investigating was on the National News also, a different day!!

I was told at my closing "pay your payments on time for about 2 years, refinance then and you will be able to get a lower interest rate." NOBODY bothered to say "in 2 years your ARM (and explain what that is) will be up and your payments will almost double from the payment you see now". I was FLOORED when I realized 1 1/2 yrs after buying my home what my new interest rate and payment will be. I no longer can afford my home and as I stated, is starting to go through the foreclosure procedure. Instead of improving my credit by purchasing a home, it is now being destroyed, FOREVER. If you are buying a home, while sitting at the closing, be sure to ask questions like, "in a few years will my loan change and if so to what & for how long".

I guess thinking back now, I should have made everyone sitting at the closing table wait while I read EVERY line on EVERY page of my contract. Because I have 2 "mortgages" - split mortgage with different companies, with different terms in the fine unexplained print.