Sterling Home Loans Inc Mortgage Complaint

Sterling Home Loans Inc Mortgage department,

Home equity loan or line of credit Loan modification,collection,foreclosure California

Like many others, we have been facing difficult financial times for the last few years. Late in 2013 we took a - mortgage on our home to catch up on our bills and to help launch a business that would get us back to work. The lender ( Sterling Homes ) took a second position on our home. By the time they had the money for us we were desperate, and they smoothed through the - pages of documents so quickly that we signed without really understanding what the paperwork said. Turns out the loan was to be paid back with interest only payments of $ - monthly due to a 16.26 % annual interest rate and $9000.00 in fees ( over 10 % of the loan amount ). Worse, they slid a clause in their fine print that says they can foreclose even if the first is brought current. These guys presented themselves as banker type lenders, but they were loan sharks. The terms of the loan are usery and they should never been able to charge such exorbitant rates and fees especially when the loan was secured by an owner occupied home. They said they were lending my


mod beginning - - that will substantially reduce my payment, get me current and waive all their late fees. The problem is that the second lender has a - - foreclosure date and will not grant any kind of modification, nor even let us catch up. They are requiring us to pay off their loan in full before - - or forfeit the home where we have been raising our boys for - and - years. They want to steal our equity even though we have owned the home for over 19 years, borrowed money from them only 3 years ago, and only owe about $6000.00. Please help us force them to modify their loan to allow us to keep our home. They have already made over $30000.00 in straight profit for lending us $ - and we still owe them the entire $ -! They took advantage of our desperation and now they are trying to take our home even though the first lender is working with us. We need your help!