im at my witts end with this OWC motrgage

[ihaterichppl]

ok, for the last two years i have resided on a OWC piece of property, the value is 300,000. we put down 80.000, and have a intrest rate of like 12% we pay 2000.00 a month, with a 12 year mortgage, or our "lenders" do not cash the check on time, they held on to aprils '10 check and mays. then on may 13th they cashed aprils check and then on the 18th of may they cashed may's, shoudnt they cash the checks on time?, i know that a seperate bank account is needed now, we are first tiem homebuyers and they are trying everythign they can to make us lose this property, they are not nice people and i know for a fact that they have more propertys they are financing out, and from my understanding legally you can only have 3 OWC financing properties a year..if not your classified as a "mortgage broker", and i know that they are not, the relator that did the deal for us was our main source of communicating with the "owners", not to menchun that the house was sold to us under their sons name and now THEY are dealing with it, shouldnt their 30 yr old son be dealing with a house being sold under his name?instead of his mom and dada?, they obviousley just used his name ect..these ppl are out to screw anyone they can, we refuse to let them do it to us, this is a small town and they are well known for what they do, should we talk to a lawyer?, i dont want to JUST refianance i want to screw these money grubbing ***, just like there trying to screw me, trying to keep poor ppl poor wont get us anywhere,

[jackthehat]

You sound American.
This site is primarily based for folks in UK.
You may do better if you find a site in the USA which can better answer your questions.

[Wak]

Hi, ihaterichppl, I have no idea what an OWC property is but from the figures you have given you are never going to own anything.
Price was 300,000, deposit was 80,000 leaving a balance of 220,000?
12% annual interest on 220,000 is 26,400.
2000 per calender month is 24,000
2000 per lunar month is 26,000 so even paying 2000 every four weeks you will still be 400 per annum short which will be added to next years outstanding balance.
At this rate, in 12 years time you will be owing them 229,672 and in 20 years time you will owe them 248,878.
You need to up the monthly payment to 2200 per month just to pay off the interest each year,

If my figures are correct you need to do something quickly before you get in too deep.
I hope this is of some help to you.

[Wak]

Well??????