Ditech Financial LLC Mortgage Complaint

Ditech Financial LLC Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account North Carolina

The loan I secured in - for my home was with -. It was a 10-year interest only loan converting to an ARM based on the LIBOR. I just received notice from Ditech ( the fourth lender since - ) of the amount of my new payment beginning - -, -. I do n't have a problem with the interest rate going up because I understood that from the beginning. What I am now discovering, however, is that the amount applied toward principal is less than the previous year which leads me to wonder if the method they use for amortizing the loan will ever bring the balance to zero. In conversations with various lenders about refinancing with -, I 've been told that I would have to go through my current lender because I continue to need a no doc/stated income loan as I am self-employed with - credit scores. I have been told by Ditech that there are


Secondly, Ditech is stating that since I have an Alt-A loan, they can not put me in a new loan that will raise my payment. In other words, I could not convert to a - or 20 year fixed interest rate loan even though that would be in my best interest because my payment would go up. This notion is somewhere between hypocrisy and irony in that my payment continues to go up each year with my current ARM and could go as high as 10 %! My concern is that there may have been unscrupulous business practices on the part of - and unwittingly continued with Ditech. As mentioned, the original loan was a no doc loan since I 'm a self-employed - with excellent credit scores. That has not changed, however, I am now -. I 'm hopeful there is a no doc - or some instrument that would not be starting all over again with a 30 year mortgage - or possibly modifying my loan.