Saeedi I can help you but i need a few things to get started
Q. did you signed a loan from a private person to buy a home?? yes or no
Answer - No. Refi. Private person yes, buy, no.
Q. how good do you KNOW & TRUST this private loan person?
A - Kind of well. My company closed. We go low on money. We go in foreclosure. He tell my cousin he want to help. We go see him and he say he can help us. Our kind should help each other. So I thank him. He keep saying to me, no worry, I look out for you.
Q. if so was the amount $185,527.22 ?? yes or no
A - Week before sign loan, we get list of costs for loan amount. It say $185,527.22. But day we meet to sign loan is $197,141.82. I say, what going on? He say previous lender. I sign cause if don't we lose home.
Q. if it 5% agreement i need to know what your monthly pmts are $????
A - 5% per annum. One year. $1,000 per month.
Q. did the loaner tell you what yourPrinciple and interst was? if so what were they?????
A - Note say 5% per annum. One year. $1,000 per month.
Q. WHY did you keep paying after 1 yr if your note was only for 1 yr?????????????? . was the note intended to be longer than 1 yr???
A - Was to be 30-year and he later sell note or I refi. But day I sign papers he say 1 year and then if I pay on time, he extend note. After year I kept making payment and he no say anything.
Q. How many pmts did you make AFTER the 1yr was up????
A - 17 straght months.
Q. If we assume 5% on 197,141.82 and base it on 20yrs
Your $11,775.00 in interest for the first year is about right!!!!!
A. The 197K on note and deed, but cost statement before and after say 185K. The 11K was unkwon only put on note and deed day I arrive to sign.
I look on interet and TILA say he did not give 'disclosure of costs." I find Usury and it say 'no disclosure = benefit of lender only' that makes it interest only. It say private lender can no charge over 10% or 5% over fed rate. I look and fed rate that month was 2.75 percent. That mean private lender no charge no more than 7.75 percent. I no know how to do formula to find how much the 11K in interest make 5%. You see, yes?
Q. That’s based on $1301 per month for 20 yrs!!the first year you pay roughly about 78Times more in interest than you would in the last (20th yr)!!!!!!!
A. I no know what that is. 1st pay say 822.25 int. and 177.74 principal. Next pay say 821.25 int. and 178.49 principal and so on and so on.
Q. The important thing here is the contract you signed!!!!!!!!!!if its really for only 1 year.
A. One year note and it say I can have second on my home. No know about contract. Many pages on back of deed of trust that say contract. I sign. It be 1 year loan.