So my husband and I opened a HELOC do to a bad financial situation. As a CONDITION OF THE LOAN we were required to take out 79k and pay off specified debts. When we signed they told us that it would be $80 a month for the first 10 years minimum and then it would go up for the remaining 20 years based on how much we had left to pay off because they told us we could pay off more. Well the first payment just came out and it was $800 not $80. When we called to find out what was going on they told us that this was due to “variable interest” and if that payment wasn’t doable we needed to come in and get a DIFFERENT 30 year FIXED loan. And that the $80 would have been if we hadn’t taken ANY of the money. Except the condition for us to even GET the loan was that we TOOK ALL OF IT so at NO POINT could the loan officer have thought our payment was only going to be $80. We checked the documents and they don’t say anything about the actual payment amount. I am so confused as to how they could just LIE about the payment amount in order to get us to sign. Isn’t that ILLEGAL? this is Georgia. Any advice is appreciated, thank you.
original posted by Dwestmor1007 to r/personalfinance on Thu, 29 Feb 2024 16:00:40 GMT.