Legal Question in Real Estate Law in Maine
Mortgage Contract
When one mortgage company sells a mortgage to another company, can the new mortgage company change the terms of the original contract? For example, the minimum amount of insurance coverage required as stated in my original mortgage.
Asked on 5/12/08, 9:26 pm
1 Answer from Attorneys
Jerome Gamache
Ainsworth Thelin & Raftice, P.A.
Re: Mortgage Contract
The terms of the original contract cannot be changed, but I suspect that the original contract allows for the amount of insurance to be subject to change in some fashion to keep the collateral fully protected.
Answered on 5/13/08, 9:01 am
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