Q: My mortgage was sold to another company without my approval and they changed the terms on it from a 30 year to a 45 year
I never signed anything, and the payments changed. This doesn't seem legal to me?
A: Yes and no. You signed a note promising to pay a certain amount amortized over thirty years. You can continue making those payments, and, assuming that the note is a normal residential mortgage note, you can make prepayments without penalty. The apparent holder or servicer of the note is apparently offering to take smaller payments. It appears that you have the option to take them up on the offer of paying less, or you can pay the amount provided I the note, or you can make prepayments.
A:
Typically mortgagees (lenders) under residential mortgages have the right to assign the note and mortgage without the borrower's consent. They may or may not have the right to unilaterally alter the payment terms without your consent. I would think not, but you should take your note and mortgage to an experienced real estate lawyer in your state to review and give you specific legal advice. Many attorneys offer free initial consultations. Good luck.
PS: My comments here are for general information and are not legal advice on your specific situation, nor do they create an attorney-client relationship between us. Consult an attorney in your state for legal advice about your particular issues and circumstances.
A:
Did you have an adjustable rate note? They MAY be able to do this -- you need to look carefully at your mortgage note and mortgage to see what the terms actually are. MANY mortgage servicers have 'information' in your file that is different than the note. Depending on what that is, you may need to complain.
If you don't understand what you signed, (you DID get legal advice before you signed right?) you need to talk with a local real estate attorney ASAP to insure you're not being improperly charged for something you didn't agree to!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
A:
Generally, loan transfers are regulated by federal law and an attorney would need to see your loan documents/ mortgage and note to determine how this could have happened, in order to give you the feedback you are looking for.
Can you please send over?
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
