Q: Can I sue my owner financed mortgage lender for emotional distress for changing the original mortgage terms?
Original note was 144 payments of 550 due on the 15th monthly. I'm threatened with foreclosure all the time. He's changed my due date with no new installment agreement. I only have 4 payments left, but his balance reflects a balance of more than 3 times the amount I truly owe. I have 3 children. Changing my due date has devastated my finances trying to comply and avoid foreclosure. Is this a legal practice?
A: It sounds like you may have uncovered a despicable collection tactic used by some individuals to steal property from borrowers who are not paying attention along the way. According to your facts, the total amount you agreed to pay (beginning nearly 12 years ago) is $79,200 ($550 times 144); and unless I mis my guess, the property is now worth much more than $79.200--so the lender is trying to trick you into either paying more or defaulting so he can take back the property. In either event you should hire a lawyer immediately, to help you get through this problem. Hurry.
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