i currently have gmac mortgage for my loan. they are taking forever on this “modification” plan and what i wanted to do was transfered my 30 year fixed rate to another bank with the same 30 year fixed but at a lower rate…is that possible?
Recently the bank that my mortgage loan is through went bankrupt. My mortgage loan was transferred to Bank of America. Initially, i had a 30 year fixed mortgage rate and now B.O.A is saying that my payments are almost 500$ more than they initially were. Is this illegal for the bank to do this?
The short answer is no if I understand your question correctly. The only way to transfer your loan to another bank is to refinance. That means you would be paying closing costs etc.
If you are doing a modification with GMAC (vs. a refinance) then you won’t be paying costs – they are simply modifying your existing loan (meaning you don’t end up with a larger balance like you would with a refi) to get your payments down. This is your best course of action and it’s worth waiting for.
Whatever you do, don’t get talked into a refinance if you qualify for a mod. If you do a refinance, that will DISQUALIFY you from being able to do a modification (under Obama’s plan) in the future.
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No they can’t change your rate if it truly is a fixed rate loan. I would make sure of that first. Then if you are sure, I’d file a formal complaint with the Federal Trade Commission.
cmon ask the right question. your interest did not change. escrow amounts can change. so a payment under a fixed rate loan can change because of escrow. $ 500 is a lot so I would ask some questions.
You need to check back with your own paperwork and be sure it was a fixed rate. Sometimes the small print will say something about increasing the interest rates. Go to the new bank and explain the situation.
Call the bank and ask them why the payment changed. As another person mentioned, it may be an escrow issue. The mortgage company on one of my homes was also absorbed by BofA, but nothing changed. I do not escrow as I choose to make my own insurance and tax payments. I DID, however, get a notice from BofA tht I needed to update my insurance information with them or they would supply insurance and include that in an increased monthly payment.
Unless you defaulted on payments, the purchasing bank cannot change your interest rate. Again, call the bank and find out what’s going on.
Sounds like you didn’t have enough funds in escrow or you taxes and/or homeowners insurance went up. If so…perfectly legal.
sounds like your payment went up due to taxes etc, doesnt sound like your payment went up.
Your payment will always stay the same with the exception of your last one. the things that fluctuate are your taxes and maybe PMI if ou have it
The terms of your loan remain unchanged. What may have changed is the monthly payment into your escrow account.
Your interest rate hasn’t changed, but your insurance and/or property taxes could have. Do you know what your insurance is yearly? Do you know if your property taxes went up this year? My mortgage rose $ 55/month due to an increase in both my homeowner’s insurance and property taxes this year. $ 500/month is outrageous though, so you need to do some investigating.
To answer your question… a bank cannot change a fixed interest rate.
You were probably low in funds in your escrow account, for this reason yes they can raise your rate. It is explained in detail at http://badcreditmortgagerates.info
I’m having the same problem as above. When BOA took over my loan from County wide my mortgage term was 30 yrs fixed.I pay my property tax and insurance separetly &there is no change in property tax or insurance rate.Recently BOA sent me a letter stating that they have paid my property tax & ins. and my new monthly payment increased by more than $800.I paid them back the money they paid for tax & ins.telling them that I’ll pay my tax & ins as I have been doing for years. But they insist they will continue to pay tax & ins and threating me with forclosure.Help & suggestion please.