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.
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.