Legal Question in Real Estate Law in Illinois
My original lender merged with another bank and is now called Lincoln Park community bank. They then transfered our file to Nationstar Mortgage. The file transfered was 5% 30 year fixed mortgage. But my mortgage is a 7 year arm 5%. I called both parties and they keep giving me the run around. I dont know what to do.
2 Answers from Attorneys
The mortgage company cannot arbitrarily change the terms of your mortgage. They must have your written consent to the change. My advice is to contact Chicago Volunteer Legal Services, one of the other pro bono legal services in your area, or a private attorney and discuss your options in detail. This may be a genuine mistake the mortgage company doesn't want to own up to, but it could be a case of mortgage fraud, which is why your situation needs to be investigated thoroughly.
However, the new terms seem better than the old ones. I'd take a fixed over an ARM any day. They always modify UP, not Down.
Read the terms of your mortgage - sometimes mortgages do contain a conversion clause. CVLS is an option if you make under $40,000 a year. If you think you qualify for their help, make an appointment. However, you still need to locate your mortgage and read the terms. It could save you some embarrassment.
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