how can a mortgage lender extend payments exceeding contract

3 months left on loan ,have made all payments under contract, last payment date on contract is September 2014..... lender says i owe 2 more years
  • June 11 2014 - Rockmart
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Answers (4)

The terms of your loan cannot be changed unless you and your lender approved them.  (Ie. loan modification)..  So you need to find all your original closing documents and read everything.. These days, most loans are transferred multiple times, so if your loan has been transferred since it was originated, it's possible they got your terms mixed up.. this would be an easy fix.. just provide them copies of your note and deed of trust.. or ask them to provide you copies of your note and deed of trust.. but somewhere there's a mistake. 

Feel free to reach out to me via my profile if you have any additional questions or concerns.  William J. Acres, [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for information.]

  • June 11 2014
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Agree with all comments below. To add, was there any modification or refinance done in the past? The note will state this but I figured I would ask.

best wishes!
-Scott
  • June 11 2014
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You will want to look through your closing documents (if you still have them) and find a copy of your Note, which outlines the repayment information of your loan.  It will list your last payment date on there.  If you no longer have a copy of this you can try to reach out to the attorney who closed the loan or to your lender, who should be able to provide you with this.
  • June 11 2014
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The "Note" is the legal document describing your terms of repayment.  It doesn't matter what any says if it's contrary to what's on that document. 
  • June 11 2014
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