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PPLS
20 Posts |
 Posted - 02/26/2009 : 9:51:24 PM
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In 2005 John Doe took out a mortgage for $246,000. In May 2007 I personally gave him a second mortgage for $30,000. In April 2008 his lender, in an effort to help him reduce his payment due to being 60 days behind reduced his rate from 8.25% to 4.75% and increased the first mortgage to $266,000 (the interest difference) without my concent or a subordination. Then in Oct. 2008 the lender filed LP for $266,887. His paymanet coupon also shows prin. balance of $266,000, however the modification was not filed in public records.
This morning out of curiosity, I called a trusted attorney to ask if this was allowed. Atleast in Florida, if a first mortgage without a future advance clause increases the first mortgage amount, the second becomes first lein holder... Look out. The property is about $180,000 in todays market. Wait until second mortgage holders across the country figure this out. Could this start a load of problems or what???? |
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crankyusi
837 Posts |
Posted - 03/03/2009 : 11:29:44 AM
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| Bump so I can "subscribe" to this thread. |
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ML
4905 Posts |
Posted - 03/06/2009 : 10:56:44 AM
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A first mortgagee can add fees, interest and other charges as per contract, to a Senior Lien without losing their lien priority. The lender can also adjust the terms and recast the loan without sacrificing lien priority. Sounds like you and they are SOL? Sorry!
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madonna
362 Posts |
Posted - 03/30/2009 : 4:43:06 PM
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| go to loan mod new forum. thanks. |
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