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Is this Mortgage Co. doing shady work?

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shellyander Joined: 30 Aug 2008 Posts: 1 1.32 Dollars($)	Posted: Sat Aug 30, 2008 5:49 am    Post subject: Is this Mortgage Co. doing shady work? Like 0 Dislike 0 My friends mortgage payment has increased over $200.00 in 2 months. She called the mortgage Co. (out of Cal.) and was put on hold for 45 min. and then disconected. We think something is fishy here, What can she do?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Sep 01, 2008 1:32 am    Post subject: Like 0 Dislike 0 Welcome Shellyander, I suppose you should call up the mortgage company again and enquire about the payment increase. Are you having an ARM? I'm asking this because ARMs do go through rate adjustment. So, probably the company has raised the interest rate and hence the payments. _________________ Procrastination is the enemy of your financial success
CA Broker Guest	Posted: Mon Sep 01, 2008 9:08 pm    Post subject: Like 0 Dislike 0 She should pull out her loan documents and read her Note and Deed to understand her loan terms. She most likely has an adjustable rate mortgage. The lender can not arbitrarily change her rate. They are required by law to give her at least thirty days' notice in writing before the rate change, so she should probably open any mail from her lender and not assume it's a solicitation and just throw it away before reading it.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Mon Sep 01, 2008 10:32 pm    Post subject: Like 0 Dislike 0 Sounds like a adjustable rate mortgage on a monthly index? Look for the original note and see how it is written Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Sep 02, 2008 12:29 am    Post subject: Like 0 Dislike 0 yeah CA broker, this could be the case. may be she has by mistake deleted any such mail on rate change sent by the lender. _________________ Procrastination is the enemy of your financial success

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