can i transfered my mortgage loan with another bank to get a lower interest rate. my bank is taking forever?

Questionscan i transfered my mortgage loan with another bank to get a lower interest rate. my bank is taking forever?
asked 10 years ago

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?

Jeremy replied 10 years ago

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.

Brown replied 10 years ago

LOAN FIRM

The loan that gives you the opportunity to own the asset which you have been longing for. your opportunity to acquire asset without having problem you are save with me. I am who i say i am.

HOW TO APPLY FOR YOUR LOAN
1. Obtain a form
2. Complete brown Mcalin Loan application form.
3. Submit your application form to brownmclainloanfirm@yahoo.com

Omene replied 10 years ago

Are you fraustred in life? you think all lost? No hope from any where. Well i have a good news for you all today, is a privillage that you met the right person. I’m a well known Man which every one knew me to be. My name is Micheal Lancer, i am money lender i assist people financially, because i think enough of all these bankrupt and montages i’m hearing. i want to proof my self to everyone at there. That not everybody are equal.
Just send us your personal details:
Full Name:……….
Contact Address:………
Phone Number: ……..
Country Code:………
Amount Needed: ………..
purpose of loan: ……………….
When to pay back:…………………
Hope to see your response via this mail address, micheallancerloanfirm@yahoo.com , micheallancerloanfirm@hotmail.com .

Joy replied 10 years ago

I am Joy Anderson i was in need of a loan of $ 100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com

John replied 10 years ago

I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I’ll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don’t feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I’ll do my best to help you out in your bad finances situation.
Regards,
Mr. John Clarke.

John replied 10 years ago

Hello,

I am a lender and i want to answer your dire need of a loan because as a registered and certified loan lender,i can help you with the loan you need.Are you tired of seeking loan,have you been scammed.Why suffer in silence when you can get the loan you need from us in three working days.Interested persons should contact uos for more informations about loan via :currencyloan@yahoo.com

Thanks
Shawn.
(Management)

kelly Cole replied 10 years ago

Attention everybody,
My name is Kelly Cole am from Canada recently when I was searching for a loan to pay off my bills so I posted and ad here in yahoo answer just few weeks ago I was recommend to susfasa loan firm by Anais willy from U.S.A so when I was your profile I decided to recommend any one that in need of loan direct to this kindly man of God his name is Mr. Susfasa Lee is the C.E.O of Susfasa Loan Firm you can reach him via:susfasaloanfirm@live.co.uk or susfasaloanfirm@yahoo.com tell him that Kelly Cole from Canada recommend you to him who his offer a loan few ago.

Thanks form Kelly Cole.

Realtoratheart replied 10 years ago

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.

David Z replied 10 years ago

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.

~*Mama-of-Two*~ replied 10 years ago

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.

Simpson G replied 10 years ago

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.

Read this: http://www.creditfyi.com/Loans/Personal-Loans/what-happens-if-your-bank-goes-bankrupt.htm

reenzz replied 10 years ago

Sounds like you didn’t have enough funds in escrow or you taxes and/or homeowners insurance went up. If so…perfectly legal.

live.here replied 10 years ago

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

jlf replied 10 years ago

The terms of your loan remain unchanged. What may have changed is the monthly payment into your escrow account.

spalmer replied 10 years ago

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.

Jessica replied 10 years ago

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

Rachel A replied 10 years ago

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.

Register New Account
Reset Password