Posted on: 14th Jun, 2010 09:49 am
My mortgage was recently sold to a company and the terms appear to have changed. The amount of principal vs. interest I pay each month is now determined on a per diem basis - so depending on when my monthly payment arrives, the amount of principal I am paying varies widely. Is this a legal mortgage arrangement? With my old mortgage, the amount of principal I was paying steadily increased a little each month. I have never been late with a payment.
Hi Guest!
Welcome to forums!
The mortgage company cannot simply change the loan terms before informing you about it. It may be considered as illegal if the loan company has done so. I would suggest you to get in touch with an attorney and take his opinion in this matter. He will be able to guide you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The mortgage company cannot simply change the loan terms before informing you about it. It may be considered as illegal if the loan company has done so. I would suggest you to get in touch with an attorney and take his opinion in this matter. He will be able to guide you in this regard.
Feel free to ask if you've further queries.
Sussane