Legal Question in Real Estate Law in Massachusetts

mortgage

I was talked into a mortgage with adjustable arm with a brooker who did not allow me to review the mortgage and now my principle and payment continue to go up. If I were to leave this bank within 3 years, I will have to pay 20% of the loan. $260,000. Is there anyway to get around this? The penalty is for the first 3 years, I am in the first 6 months.


Asked on 2/17/07, 5:16 pm

3 Answers from Attorneys
Peter Smith Smith & Janian, LLC

Re: mortgage

I would need to review your closing documents. Was this with Ameriquest?

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Answered on 2/18/07, 8:45 am
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

mortgage fraud?

You are suggesting that fraud was involved in getting you to this point. If true, you may have an action. You should consult an attorney with some expertise in this area, or you can contact me and I can refer you to one.

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Answered on 2/17/07, 7:00 pm
Herbert Cooper Law Offices of Jameson & Cooper

Re: mortgage

This is a highly regulated area of law at the federal level and in some instances at the state level. This does not mean that you are off the hook, but an attorney may be able to help you improve your situation to some degree.

The attorney will want to see all of your loan documents and to know what the circumstances were surrounding your execution of the documents.

You should move with a fair degree of speed in consulting an attorney.

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Answered on 2/19/07, 10:13 am


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