Legal Question in Consumer Law in Georgia
loan modification
our mortage company will not give us a loan modification without paying money upfront is this legal.
2 Answers from Attorneys
Re: loan modification
A mortgage company has no obligation to modify a loan at all in most cases. So they can charge or do as they please and you are equally free to walk and go with a different lender if you don't like what they offer.
Re: loan modification
You and your mortgage company have a contractual relationship. Does your current contract require that they modify your loan without an additional payment? If you do not like the terms of a new contract offer, you are free to look elsewhere for a better deal. You certainly did not provide facts to indicate the lender is somehow legally obligated to make or modify a loan only on certain terms.
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