Ok, a bank, Wells Fargo, fork out a debt from Sierra Pacific roughly a year ago. Yesterday we went to a bank to try to refinance as good as we find out a loan is AMR NOT thirty year bound similar to we sighned a writings too!!! So when a bank repossessed a mortgage, a altered it, is which even legal??? I’m unequivocally dissapoint since they can’t even discuss it us how most years a AMR is fixed. HELP? WHAT SHOULD WE DO AND WHAT ARE OUR OPTIONS!!!
As shortly as we came home, we pulled out a writings to have sure, as good as yes, we sealed for a thirty year bound loan.
Sorry about a repossessed word. No, we were never late upon a payments or anything, i theory it happens distribute when banks take over your mortgage, good that’s what happened, we didn’t try to refinance or anything until now. We went to a bank, as good as they say, “Oh, we have an ARM, for how most years?” And I’m like, ” NO we have thirty years fixed” He said, “well look, a annals uncover which we have ARM, we substantially forgot.” RIIIIIGHT. we went home as good as reviewed all a loan paperwork, I’m not dumb, we know when it says thirty years fixed.
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sounds like you need to retain legal advice, legally a bank could not change a 30 year fix to an arm, so it may revert back to the original lender and those papers which you signed to see if what you though you singed was a 30 fix was in reality an arm
that would be my bet over wells Fargo just changing the term
The sequence of events is not really clear. Do your original mortgage documents show a 30 year fixed rate and fixed payments for that time, or an ARM type loan that resets after so many years?
The term “repossesed” is confusing. Were you late with any payments, did your lender begin foreclosure, or did you renegotiate the loan at any time? If your loan went into default or you worked out a loan modification, that may change your interest rate.
The first thing you need to do is read your original loan documents and any later documentation or letters. Then ask your lender or consult an attorney if you do not understand it.
Either you are missing an amendment in your paperwork that structured your loan differently, or your loan was input incorrectly by Sierra Pacific. Lenders cannot just change terms, but things can get screwed up as you have found out. I would take the entire loan package to wells to show them that you have a 30yr fixed as you claim. They bought the mortgage, they should have a good idea of what they purchased. (now you know why investors don’t want to buy mortgages anymore) If they give you any slack I would politely ask when your note is about to reset and look to either refinance or hire an attorney. That’s up to you, but be forewarned that if you go the attorney route and this is an arm for whatever reason and it’s about to reset, your going to be in for a shock with the new payment, legal action may take too long. speak with wells asap, face to face, with docs in hand, this is not a phone conversation scenario and then take appropriate measures, but I would start looking for a company that will listen to your mortgage needs and future goals, just to have a backup plan, good luck and feel free to ask questions
Bank can not change terms of loan. Check at Recorder of Deeds office, and verify what docs are recorded. If the loan papers say that it is a 30 year fixed, and there is no place where it says that there is a rate adjustment, then the terms can not be changed.
I am former Recdorder of Deeds.
BANKS CANNOT CHANGE THE TERMS OF THE LOAN. Even they are sold. There has to be more to this story.
I would talk with real estate lawyer TODAY. Go back to the title company that did the settlement and have them explain the terms of the paperwork to you.
If in fact you have a straight 30 year note, then take this to the bank and have them explain why they are changing the terms (which they can’t)