Legal Question in Real Estate Law in Florida
We took out a loan through Wells Fargo July 2005. We were unaware that the loan was as ARM, yet we signed the form at closing (unsure how we missed that one) 2 years later, after a failed loan modification attempt, we sold our property as a short sale, we were given an interest free loan for the equity difference and have been paying religiously ever since. We are hitting hard financial times and was reviewing paperwork. If our original loan included Mortage Insurance should that have covered any portion of our equity difference ? Also, Is there any way to negotiate after all this time?
Thank You. K.B.
1 Answer from Attorneys
You will have to consult with an attorney who knows the mortgage industry. To answer your questions: No, and yes, in that order. An attorney would have to review all relevant documents in order to answer your concerns and advise you accordingly.
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