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My mortgage company lower my interest rate , which lower my overall price right?

Profile picture for RjPitt4
So now they say because the total oringinal price was not collected they want to reclaim that lost interest , can they legally do this?  By them lowering the interest i assume that the overall price of purchase and total is change right? It a lower total , plus i have gotten three different total price that they said was different one was $ 2000. one was $1000. and now it $4000. all the paper work i have . To me it fraudulent behavior to scam me out of more money. What do you think? My contract was two pages and it gave total price and terms of payment , monthly until to 2011 January , after a year they lowered my interest rate no sign renewed contract , just a letter stating they were lowering the interest rate , granted it was 14.5% to 10% , i was on hard times and had to find a place to live otherwise  that interest rate i wouldn't have agreed too. Anybody got any information?
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November 28 2010 - Mount Morris
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Answers (1)

Profile picture for 203K Specialist
It sounds like your loan was modified and the terms of your mortgage have nothing to do with an overall "Price"...it does impact the cost of the loan you are in and based on teh rates you have mentionsed I am guessing that the loan was a subprime loan originally.

You should be contacting a real estate attorney to review your loan docs.  Based on your post I have to assume that you are unsure of what you have and what the terms are.
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November 28 2010
 

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