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Old 07-03-2007, 09:18 PM
 
1 posts, read 2,244 times
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HAs any one ever heard of the mortgage company increasing the amount some one owes on a mortgage that they are late on paying. Like the Mortgage pay off on line shows 182,000 and they person is 2 months late. Should they be adding the full amount of the payments to the Principal Balance.
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Old 07-05-2007, 01:42 PM
 
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They can add the "behind" payments AND penalty. Therefore increasing the entire amount. Do you have fixed rates? I would check your contract/mortgage papers to see what else they can do to you. (foreclose) GOOD LUCK.
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Old 07-05-2007, 01:44 PM
 
19 posts, read 78,178 times
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Oh, also check to see if they can "sell" your mortgage. That was fun too. The new company increased rates on a "fixed" rate. The original mortgage carrier has you sign a statement saying mortgate "MAY BE SOLD". Can be sold several times. Might just want to sell ASAP. I did.
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Old 07-05-2007, 01:58 PM
 
5,342 posts, read 14,140,726 times
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Quote:
Originally Posted by ptice69 View Post
Oh, also check to see if they can "sell" your mortgage. That was fun too. The new company increased rates on a "fixed" rate. The original mortgage carrier has you sign a statement saying mortgate "MAY BE SOLD". Can be sold several times. Might just want to sell ASAP. I did.
Mortgages can and are sold on the secondary market, BUT the "new" company cannot increase the interest rate. The new company has to follow all the terms that were initially established.
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Old 07-05-2007, 02:01 PM
 
5,342 posts, read 14,140,726 times
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Quote:
Originally Posted by Pattyb152 View Post
HAs any one ever heard of the mortgage company increasing the amount some one owes on a mortgage that they are late on paying. Like the Mortgage pay off on line shows 182,000 and they person is 2 months late. Should they be adding the full amount of the payments to the Principal Balance.
You are paying/owing interest for everyday that your mortgage is in effect. If you are not making payments, there is interest accumulating daily that will be increasing the payoff. There will also be late fees and possibly penalties increasing the payoff as well.
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Old 07-05-2007, 02:36 PM
 
5,342 posts, read 14,140,726 times
Reputation: 4700
Quote:
Originally Posted by ptice69 View Post
Oh, also check to see if they can "sell" your mortgage. That was fun too. The new company increased rates on a "fixed" rate. The original mortgage carrier has you sign a statement saying mortgate "MAY BE SOLD". Can be sold several times. Might just want to sell ASAP. I did.
Mortgages can and are sold on the secondary market, BUT the "new" company cannot increase the interest rate. The new company has to follow all the terms that were initially established.
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