QUESTION
What are my options to change a mortgage from a predatory loan to a standard loan?
Asked on May 15th, 2014 on Foreclosures - Louisiana
More details to this question:
My current home mortgage is an adjustible rate that has never gone down, only up. I was told at the time of the loan that it offered the best options with reduced interest rates in the future as federal rates would be going down so would my rate. When we refinanced they offered additional money but also charged fees that were taken out of those monies. When I was approved for the loan it was with only my name, income and social security number; however when the documents were signed they added my wife's informantion by hand on the preprinted documents then had her sign also. We were told it was normal.
1 ANSWER
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As far as your wife signing the documents, that would depend on the laws of your state. In Massachusetts a spouse must always sign the mortgage, right to cancel, settlement statement, in truth in lending. This does not mean that the spouses obligated to pay, unless they also signed the NOTE. As far as your options go, you can attempt to refinance, attempt to get a mortgage modification or use a chapter 13 bankruptcy and use the bankruptcy process to get a mortgage modification under the supervision of the bankruptcy court.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
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Answered on May 15th, 2014 at 11:43 AM