Comments on: modification of mortage loag? http://mortageloan.info/personal-finance/modification-of-mortage-loag/ mortage loan blog Sun, 03 Apr 2011 22:30:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Beth http://mortageloan.info/personal-finance/modification-of-mortage-loag/comment-page-1/#comment-656 Beth Fri, 11 Sep 2009 18:01:25 +0000 http://mortageloan.info/personal-finance/modification-of-mortage-loag/#comment-656 <a href="">Warren</a> Ignorance is not a legal defense for anything. Sell one to pay off the other. Warren

Ignorance is not a legal defense for anything. Sell one to pay off the other.

]]> By: Bridget H http://mortageloan.info/personal-finance/modification-of-mortage-loag/comment-page-1/#comment-655 Bridget H Fri, 11 Sep 2009 05:06:49 +0000 http://mortageloan.info/personal-finance/modification-of-mortage-loag/#comment-655 <a href="">Katherine</a> If your parents were lied to, you need to contact the Bank's regulator. If you cannot find the regulator on the bank's website, contact the FDIC (FDIC.gov). This is predatory lending and it is illegal. Ask the Bank for a copy of all papers signed by your parents. Your parents would have been required to sign a disclosure notifying them of the variable rate. This would be on the 'note' itself or a seperate variable rate loan disclosure. If you are not familiar with the loan docs, take them to a different bank that you feel comfortable with. Tell them your story. Ask if there is a pre-payment penalty at the old Bank to payoff the loan. Then see what it will take to refinance the loan, it may cost in the fees for the refinance, but it will pay off in the long run. Katherine

If your parents were lied to, you need to contact the Bank’s regulator. If you cannot find the regulator on the bank’s website, contact the FDIC (FDIC.gov). This is predatory lending and it is illegal.

Ask the Bank for a copy of all papers signed by your parents. Your parents would have been required to sign a disclosure notifying them of the variable rate. This would be on the ‘note’ itself or a seperate variable rate loan disclosure.

If you are not familiar with the loan docs, take them to a different bank that you feel comfortable with. Tell them your story. Ask if there is a pre-payment penalty at the old Bank to payoff the loan. Then see what it will take to refinance the loan, it may cost in the fees for the refinance, but it will pay off in the long run.

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