Legal Question in Real Estate Law in California
Our mortgage loan was sold and the new service provided sent my husband and I a mortgage statements with a lower monthly payment. We contacted the new service provider and was assured the statement we received and the amount billed was correct. Three months later the new service provider informed us the amount they previously billed us was incorrect, it should have been billed for the same amount as our previous lender and we were now responsible to bring the loan current by paying the diffidence in the incorrect amount that was billed and the amount that should have been billed. My husband and I do not have the money they are asking for, our income barely pays our current monthly obligations which is the reason we don't have the money, it was used for other household obligations. The new provider has refuse to defer the monies to the end of the loan...can they demand we pay it, even when the error was not our fault? Please help!
1 Answer from Attorneys
The amount of payments set by your promissory note, and any adjustable rate schedule should have governed your payments. If you are behind, they can accelerate the loan and begin foreclosure proceedings.
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