Reply #380: My husband took a second mortgage on our house many years ago. At the time my name was not [View All]

[1monster]

on the deed, and I didn't pay much attention.

However, after paying out $10,000 on that loan over a two and a half years, I thought to ask just exactly what was the balance on the loan. (They didn't give that out with the receipt or the payment statements.) When the teller told me that the balance on the original loan of $15,000 was $13,000, I just about flipped. I asked what was the interest rate and was told it was 15.99 percent. I got involved. BIG TIME.

My husband trusted those people and they never told him just how much interest he would be paying. Fortunatly, it was much easier to refinance back then. I refinanced the first and second mortgages together. The first morgage was 9.75%. Our new mortgage was 7.5% apr, fixed rate.

Those mortgageters will catch you coming and going if you don't watch every flick of their fingers...