"Then, at the closing, Angie began looking over the documents. It turns out their primary mortgage would feature an adjustable rate. "This is not what we agreed to," she said. She and her husband refused to sign. Acevedo's real estate agent, Gen Zwayer, confirms that "we definitely had some issues with the lender. It was pretty shady."
The seller, however, was unsympathetic. He'd already bought a new home, vacated the property and moved his family out of state. He insisted that the Acevedos had no right to back out because they didn't like the terms of the mortgage they had secured, and he threatened to sue. Their mortgage broker assured them that they'd be able to refinance the mortgage before the interest rate began to rise. So the Acevedos signed.
For the first two years in their new home they faced a combined mortgage payment of around $1,700, which they could manage. But they knew they'd face trouble in February 2008, when their adjustable rate would reset, raising their monthly payment by more than $200. So in December Angie began calling Countrywide, the servicer on her primary mortgage, to talk about a refinancing. Since then, she estimates, she's spent some 25 hours on the telephone with customer service reps, signing and mailing documents, trying to get things squared away."
http://www.newsweek.com/id/129109
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