Legal Question in Real Estate Law in Florida

To help my daughter financially, I obtained a mortgage with Countrywide on her condo. I don't live there- I have my own home. The mortgage was bought by Bank of America and I have since run into finanvial problems myself. I talked to Bank of America about a loan modification to reduce the interest, and they said "because I don't live in the residence, they won't give me one." Countrywide knew this when they gave me the loan and said "don't worry about it. We can get the loan for you even if you don't live there..

Do I have a case against Countrywide -- having to stay at this high interest rate?


Asked on 6/16/10, 3:12 pm

1 Answer from Attorneys
Lesly Longa Longa Law P.A.

I'm sorry to hear about this. You did get the loan from Countrywide even though you didn't live there, but under the Home Affordable Modification Program the home must be your primary residence, which is probably what the bank was referring to. That doesn't mean they can't give you a modification. It's going to depend on a number of factors. There is free information at makinghomeaffordable.gov. You should speak with an attorney who can help you negotiate with the lender and review your case for claims against the lender. Many offer free initial consultations. Regards,

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Answered on 6/17/10, 5:39 am


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