Posted on: 04th Dec, 2009 11:33 am
we got a loan modification on our mortgage this spring while my husband was unemployment and my hours were reduced at work. after my husband got a new job we got notification that our loan rate and payment as going up. i thought loan modifications were supposed to be in effect 3, 5 or 10 years?
have you checked your documentation from the lender? i would have to think that any such increases would have been spelled out in the modification documents to begin with. if not, they've done a poor job (go figure) of working this out with you.
perhaps the new job triggered a re-look by the lender. is this not something that was made a part of the agreement? you need to review all those documents, i'm sure, to get your real answer to the question.
perhaps the new job triggered a re-look by the lender. is this not something that was made a part of the agreement? you need to review all those documents, i'm sure, to get your real answer to the question.
It is all spelled out in the loan mod papers and is usually driven on an annualized type basis. Your job changes did not trigger anything.
