Does a mortgage company need to abide by the original mortgage agreement when it buys another mortgage company out?
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Does a mortgage company need to abide by the original mortgage agreement when it buys another mortgage company out?
I have a mortgage and the original mortgage company allowed me to modify the interest rate for $1,000. The new company will not do this? Don’t they have to have the same guidelines as the original mortgage documents.
Asked on March 21, 2012 under Real Estate Law, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
What you are saying is that your original mortgage was sold to a new lender, correct? This is a very common thing. But fear not: nothing from your original mortgage terms can change when your mortgage company sells or transfers your mortgage except who you write your checks out to each month. So the terms of the contract remain in full force and effect. I would seek help from an attorney in your area. Good luck.
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