Upside Down Mortgage

Modify Mortgage Terms

Question: Does a lender have to follow the terms of a mortgage note, previously executed by consumer borrow?

My husband and I have a, stated income loan and the 1st 12 months is interest only, due to the construction period, then our loan adjust according to the terms in the Note. Our lender said we would modify these terms to a lower rate once construction is over, our construction is completed and we are ready to lock in our rate. Lender said they no longer have our previous program and we have to fit into a new program and that if we don't fit into the new program then we would lose our home. No, Im not joking!! We have never been late on our payments and we have made additional principal payments. Our note and truth-n-lending statement indicates a payment change and list the changes until the maturity date. Lender is back peddling once we seemed educated about our loan documents. Any advice would be helpful.

Answer: Hold him to the contract that you both signed. If he doesn't comply talk to a lawyer. And I suggest finding a different lender an honest one.

Will my Lender Modify my Mortgage?

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