A company can change my mortgage from my 30 years I fixed a setting purchased.?

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My loan was in Green Point Mortgage and I have just been informed that is now my new mortgage company Countrywide loan for my 30 year fixed, and now nationally said that in February, my change loan to a setting. Can they do that?
We want to hear people’s experiences when they did. how it worked, the length of time, and we recommend that they try to have done it if necessary?

  1. Reply
    jersey girl in exile
    January 29, 2011 at 9:24 pm

    ABSOLUTELY NOT! You have a signed contract!

    Please go back and completely read your mortgage papers from Greenpoint Mortgage. You MIGHT have had a fixed rate for a period (usually like 2 years) and that period might have run out. If that is the case, you have no recourse.

  2. Reply
    January 29, 2011 at 9:55 pm

    No . you must be mis-understanding something

  3. Reply
    January 29, 2011 at 10:16 pm

    That doesn’t sound legal – they bought your loan agreement – if you sign a new agreement with them then they have you but otherwise – they have to abide by the agreement you signed.

  4. Reply
    January 29, 2011 at 10:21 pm

    Negative, they are bound by the terms of the original contract. I hope that you have your copy of the contract.

  5. Reply
    Barbara L
    January 29, 2011 at 10:31 pm

    Absolutely not!!!! Don’t let them get away with this one. It is not legal unless you sign an agreement as such. Report this practice to the banking commission in your state. I would also report it to your state’s attorney general. Keep copies of all communications involving this unauthorized transaction.

  6. Reply
    I Buy And Sell Houses
    January 29, 2011 at 11:13 pm

    No they can’t.

  7. Reply
    January 29, 2011 at 11:33 pm

    That only works with loan sharks and the mob. The new mortgage servicer or mortgagee can only be assigned the existing loan, pursuant to the terms already written in that contract.

    Countrywide knows that – have someone there explain it again and read your loan papers so that you are clear as well.

  8. Reply
    Real Estate Guy
    January 29, 2011 at 11:44 pm

    NO they can’t. I’m betting you don’t understand.

    I bet you have a 30 year adjustable rate mortgage. The first term rate was “fixed” at a set rate for the first term and now it’s time to adjust.

    I see this type of confusion here all the time.

    However, I would take the paperwork to a lawyer or back to your title company and have them explain the terms.

  9. Reply
    January 30, 2011 at 12:42 am

    Now is the time to change from adjustable rate mortagage to the fixed since interest is very low. You can lock yourself into low rate fixed mortgage.

    The easiest is to go to the bank you have the current mortgage with, which originally approved your loan and have most of the financial info on file. Request your banker that you want to refinance your current mortgage to a 30-year fix rate mortgage. There will be refinancing charge, but over time, you will be glad of your decision particularly when interest rate begins to rise.

  10. Reply
    January 30, 2011 at 1:39 am

    I have not but I have helped homeowners do it. It is an easy process and it’s something you can do yourself. The companies that are targeting people are not able to do anything you can’t do for yourself. So save the money and just call your lender direct. Almost all have a loan modification dept set up. All you will need to do is call, speak to the loan modification dept. and they will let you know all the required papers. Should you need help please just let me know. I am a Broker and we are not allowed by law to charge a fee.

    I hope this helps.

  11. Reply
    January 30, 2011 at 1:43 am

    Some lenders are finally starting to offer “help’ but they won’t come to you… you will have to come to them first.

    Call your Lender and ask whether they have any program in place that offers to modify and refinance risky loans into fixed rate loans.
    The sooner you do it the better your chances are to get this problem fixed before you hit your ceiling and they reset your adjustable rate mortgage to full amortization.

    It depends on so many factors that range from your income to the amount of your mortgage and everything inbetween.

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