Posted on: 07th Apr, 2009 10:18 am
what is the difference in refinance and modify? when you modify your loan should it change the original contract and should it cost $1000 up front i had to pay that. it did not change my intrest and my monthly payment only dropped by $20.00. i think i was scammed by citimortgage. i had my loan modified the contract said loan modification in may 2008. when i asked for a amoritization print out thats when i discoverd they exstended my loan 15 more yrs i have been in my home 16 yrs. in jan 2009 i recieved a letter saying i was 5 months behind and in default i was not behind found the proof and conformation #s they had put my money in the wrong account. i am with citi mortgage ,when i was with abn amro mortg i had no problems. should i get in touch my lawyer?i just discoverd the problem this week when i got the copies of th amoritization. i had to modify my loan they said i could not refinance for 6 months to a year.
Hi coneyislandny!
Welcome to forums!
If you default on your mortgage payments, you can request your lender for a loan modification. Through a loan modification, the lender would give you an alternative plan to pay off the mortgage. The lender may reduce your monthly payments but may increase your loan term in this process.
Refinance is a different thing. You need to have equity in the property in order to refinance your existing mortgage. Moreover, you should be current on your mortgage payments. To know more about refinance, check out the following page:
http://www.mortgagefit.com/refinance.html
It is the lender's fault if he transferred the money in a wrong account. Yes, you can definitely get in touch with your lawyer to deal with your lender.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you default on your mortgage payments, you can request your lender for a loan modification. Through a loan modification, the lender would give you an alternative plan to pay off the mortgage. The lender may reduce your monthly payments but may increase your loan term in this process.
Refinance is a different thing. You need to have equity in the property in order to refinance your existing mortgage. Moreover, you should be current on your mortgage payments. To know more about refinance, check out the following page:
http://www.mortgagefit.com/refinance.html
It is the lender's fault if he transferred the money in a wrong account. Yes, you can definitely get in touch with your lawyer to deal with your lender.
Feel free to ask if you have further queries.
Sussane