a Primerica Mortgage can easily be a financial death sentence. Our loan with them (our own stupidity an obvious factor) not only was crammed down our troat, but the amount of the loan was 20% more than the value of the property. The agent promised that the rate would be reworked in 30 days, as soon as the adjustments could be processed. #0 days later, we are told that loan could not be rewritten because there was a negative equity problem!! When asked how it happened, we were told how LUCKY we were to get the loan in the first place, and we should be grateful to him for pulling a few strings.
Now with falling property values, it's time for revenge. With the right moves, we can stop paying our mortgage,, allow the property to deteriorate, bank the payments until we are evicted (play it right 24-30 months), apply the cash to a different property, and turn in to Primerica an unrecoverable $200k loss, while salvaging our finances in the meantime.
Primerica was offered an oppourtunity to make this right. We are more than willing to pay our debts, and we love the house we are in. However, since they "took the too bad for you" approach, they will pay the price.
Note: Presently my credit rating is in the mid 700's. will take a hit for sure, but in reality it is recoverable when all is said and done.