Legal Question in Real Estate Law in Indiana

I have a question in real estate! I tried to get a loan mod. and the mortgage co. gave me one, if you call dropping the inst. rate from 12% to 9% and adding 10 yrs. to my mortgage! I want to know if there is anything i can do. I have a manufactured home, i have the title to my home and no lien on the title. The mortgage co. i started with sold to another co. and signed off on the title and sent it to me. Then another mortgage co. sold it again, and another, now i am with my mortgage co. and I have a clear and free title ( I think!) Let me know, what i can do!! I didn't have an attorney for my loan mod. and i was about to lose my home,so i guess i took what they offered, so I would not lose my home. Thank You R. Marks


Asked on 6/15/10, 6:06 pm

1 Answer from Attorneys

Simple solution, make a larger payment than required and note that the extra is to be applied to principal. Depedending on how much extra it is, you mght knock off the extra ten years. However, review your mortgage to make sure that there is no prepayment penalty.

You can also try to refinance at a better rate.

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Answered on 6/16/10, 5:36 am


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