Legal Question in Real Estate Law in Illinois

2nd Mortagage

In Sept.2002 we took a $15,000.00 loan and after 5 years of $281.00 a month payments, ( should be about paid off now) we find out that at some point , they ''refinanced'' this loan and brought it back up to $15,000.( without consulting or informing us) .We only found out because we continued to ask for a ''pay-off'' amount.WHICH we also had to ask for MONTHS before we got an answer. We have paid them $16,800.00 to date on this loan and now find out that we have to start all over!!!! Because someone decided to ''refinance OUR loan under the table to reinstate original loan amount.When it was nearly paid off!! Is this legal or is it ''predatory mortagage lending''???? Can we fight this????


Asked on 4/02/07, 2:42 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: 2nd Mortagage

To have a $15K mortgage paid off in 5 years at $281 per month, your interest rate would have to be less than 5%, which seems unlikely, but not impossible. The "refinance under the table" should not have occurred. I would need to review your loan documents to determine what has happened and what your remedies might be.

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Answered on 4/03/07, 5:10 pm


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