Posted on: 20th Mar, 2010 07:36 am
Our mortgage was sold to another mortgage company in Nov 09, (we started the mod in Sept 09). We started all over with the new mortgage company and 5 months after getting jerked around, they sent the papers to sign & our mortgage went up $110.00 and the interest rate stayed at 10.24%. Yes, we are behind on our payments. Can this be done to us? Do you have any suggestions?
Hi Kathy,
If you are delinquent on your mortgage payments, then the lender can add up the amount while giving you a loan modification. Once the delinquent amount is added up, your monthly payments would obviously increase. Thus, you've received a higher monthly payment after modification.
If you are delinquent on your mortgage payments, then the lender can add up the amount while giving you a loan modification. Once the delinquent amount is added up, your monthly payments would obviously increase. Thus, you've received a higher monthly payment after modification.