In fact when I called requesting a loan work out or some option on my loan, I was told they cannot help me.

This loan was SOLD to me by a broker who did LIE. He lied about the Interest Only payment to the tune of mroe than $1,000 less per month then it actually was. Plus the LOAN documents I signed also DID NOT STATE THE INTEREST ONLY PAYMENT, OR ANY PAYMENT AMOUNT OTHER THAN THE MINIMUM.

I was under the impression when signing this loan I would be able to make the Interest Onlt Payment, and from the very first Statement found that it was more than 1,000 more than I was told, so from the start was not able to make the payment.

When I called to ask if I could make a payment in between the minimum and the interest only, I was told I needed to pay one or the other not something in between. Since I have never had any type of loan but a standard 30 year fixed, I assumed this to be true.

Now I have only a few months before this loan recasts and there is NO WAY I can make the payment. I am so embarrased about being duped into this loan, I cannot even tell me family.

I’d like to know if there are any options to get Downey to renegocaite this loan with me. I looked at refinancing for about 8 months and could not find anything I could get , mainly due to th lowering of the market and having less then 10% equity left in the house.

Ledeen

look out below.

“Merrill, the nation\’e2\’80\’99s largest brokerage firm, posted a $9.8 billion fourth-quarter loss, almost matching the deficit reported for the period by Citigroup, a company three times Merrill\’e2\’80\’99s size. The loss at Merrill, which exceeded analysts\’e2\’80\’99 forecasts, reflected $16.7 billion of write-downs on mortgage-related investments and leveraged loans.”

http://www.nytimes.com/2008/01/18/business/18merill.html?_r=1&th&emc=th&oref=slogin