QUESTION
Can a bank sell my home equity loan for a 45 year mortgage
Asked on Aug 11th, 2021 on Foreclosures - Pennsylvania
More details to this question:
I’m in Philadelphia pa and was ordered to go to foreclosure council with H.A.S.E. After 2 years of them telling me keep coming back and did nothing for me .they refused to explain anything to me. I only had 4 years left on my loan and the bank sold it for a 45 year mortgage .is that legal?
1 ANSWER
Bankruptcy Attorney serving Collegeville, PA
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Nahrgang & Associates, P.C.
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It sounds like there is some confusion. While any creditor is free to sell the debt to any other creditor, the terms remain the same. The only exception is a loan modification which you would have to apply for. The purpose of the loan modification is to address the arrears and help assure you can make your new monthly payment.
I would be happy to discuss this in greater detail on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Aug 13th, 2021 at 9:53 AM