Forgotten Your Password?

Need to Register?

Question Icon

Recently modified my loan, and now my payments are almost double???

by kelly.walters15800 from Marina Del Rey, California. Oct 28th 2015 Reply


Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Did you read all the papers of the modification, the details of that new payment should have been stated in them. If so and its different then I would contact a good lawyer.

Oct 28th 2015
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Hum.. typically, when you get a modified loan, the payments go down, not up.. But you would need to read all the paperwork associated with the modification.. usually, the payment can progressively get higher as years pass, but you say your loan was just modified, so this doesn't make sense.. could you possibly be the "Trial" period? if so, the lender could be asking you to make these payments as a form of test.. but regardless, you should have paperwork you can reference to see why the payments are what they are.. if the paperwork is too complicated for you to understand, try contacting a lawyer and have them explain it to you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 28th 2015
1
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Were you in an interest only loan prior? If so, when they modify your loan they have to do principal and interest.

Oct 30th 2015
0
0
Subscribe to our news feed.