answersLogoWhite

0


Top Answer
User Avatar
Wiki User
Answered 2007-03-02 03:01:30

First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

Can you transfer a mortgage to another property if one party is now bankrupt?

No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.


What Is Variable Mortgage used For?

Variable mortgage is used for things that involve mortgage such as a house. Every time the prime rate changes, so does the mortgage, therefore the mortgage is variable.


How does a fixed-rate mortgage differ from an adjustable-rate mortgage?

The monthly payment on a fixed-rate mortgage never changes-APEX


Are there changes in home mortgage refinancing?

Yes, since the beginning of 2012 there have been many positive changes in home mortgage refinancing. Some of the changes include lower interest rates and also the HARP act.


What describes how a fixed-rate mortgage works?

The monthly payment on a fixed-rate mortgage never changes.


Are mortgage rates still in the news?

Mortgage rates are often in the news. The recent recession and continuing fears about the economy mean that changes in mortgage rates are a hot topic for reporters.


What is meant by the terminology fixed mortgage rates?

A fixed mortgage rate is an interest rate that will not change for the term of the mortgage. This is in contrast to a variable mortgage rate which changes frequently based on the prime rate or other benchmark rate.


Which of these describes an adjustable rate mortgage?

it is subject to changes in interest rates.


Does a rider to a Deed of Trust or Mortgage replace the Deed of Trust or Mortgage?

No. A rider adds to the document, and perhaps changes some of the original provisions.


What describes an adjustable rate mortgage?

It is subject t changes in interest rates


Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?

No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.


Describes what can happen with an adjustable-rate mortgage?

it is subject to changes in interest rates


What information would a mortgage equity calculator give?

A mortgage equity calculator would provide information on the impact that changes in the mortgage interest rate will have on payments for the mortgage loan someone has taken out. It can be useful to help people predict how much they will be paying when interest rates change.


What is the difference between fix and variable mortgages?

The difference between fixed and variable mortgages are that in a fixed mortgage, the rate can not change. In a variable mortgage, the rate changes with time.


What is a arm rate?

Percentage rate to borrow on an adjustable rate mortgage (one that changes-is not fixed)


In Pennsylvania can a co-signer be removed from the deed by signing a quit claim deed?

Yes. Signing a quitclaim deed will divest you of your ownership in the property. However, it will not divest you of your obligation to pay the mortgage if you also co-signed a mortgage. Also, if there is a mortgage, changes in ownership may trigger a demand for full payment of the note. Review the mortgage document if there is a mortgage.


Variable that changes as another variable changes?

Depedent


What describes how a five-one ARM mortgage works?

In a 5/1 adjustable rate mortgage, the interest rate is fixed for five years and then changes every year afterward.


Which of these describes how a five or one ARM mortgage works?

The interest rate is fixed for five years and then changes every year afterward describes how a five or one arm mortgage works.


If a mortgage loan is in the husbands name only can he make changes without notifying the other spouse?

Yes.


What is the average ammount Americans spend on repairs and changes making there recently purchased home there own?

It really depends on what you need repaired and changed. Sometimes, you can have the seller fix what ever problems the home inspector finds or the mortgage company needs fixed before it they will fund the loan.


Can mortgage change payment on fixed mortgage?

No, not usually. Only if the loan is modified, or some other strange factor. In 99% of cases, fixed rate mortgages will have a fixed payment which never changes.


What does the term arm loan refer to?

ARM loan stands for 'Adjustable-Rate Mortgage". It is a type of financing used to purchase a home. It's a mortgage loan with interest rates that changes periodically.


Does a quit deed relieve you of financial responsibility on a mortgage?

No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.


A variable that changes as another variable changes?

dependent variable