Legal Question in Real Estate Law in North Carolina
ocwen bank changed interest rate
I had a variable interest loan with Countrywide. The loan was sold to Ocwen. Ocwen changed my rate to 8% fixed. When I informed them that they breeched my contract they wrote me a letter stating that it was in my best interest taht they changed my rate. Do I have a legal recourse? I estime that this has cost me over 20 k in interset over thye past 7 years.
1 Answer from Attorneys
Re: ocwen bank changed interest rate
That would depend primarily on the terms of the agreement. I would suggest reading the Countrywide agreement very carefully; in particular, look for provision regarding the lender's right to change the interest rate (or from variable to fixed), and any provisions regarding changing of terms upon assignment or transfer of the loan. If, however, the agreement does not allow them to change the terms, then as a general matter they would of course be in breach. You should contact a lawyer to look into the matter.
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