A private mortgage holder, after I made first mortgage payment, is asking me to pay almost another $1,000.00, 10% interest for the two months. His money was sitting in escrow before closing. It is a 10% mortgage with 10 points and the points are rolled in the mortgage. He said he does not want me to homestead my property. The purchase price was $115,000. His mortgage is about $62,0000 for ten years. Is this right to him request additional funds on top of everything else already recorded etc.? Lender lives in MA, I live in property in Florida. We’re not in foreclosure, just made first payment.
There can be no modification after the loan closes unless everyone agrees and it must be in writing and you should definitely homestead your new residence.
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