Legal Question in Real Estate Law in Texas
Mortgage
I used to have countrywide as my loan holder, and without any notice to me they sold my loan to a new company. this new company raised my interest rate to where i cannot afford to keep paying this much each month. I now saw the new article about countrywide having to lower customers rates because of so many foreclosures after they raised all the rates. Can i do anything about them selling my account with no notice to me?
1 Answer from Attorneys
Re: Mortgage
There is probably nothing you can do. You should look through the big stack of documents they gave you at closing - there is probably one saying that you agree that they can sell your loan without notice to you. If not, you should contact CountryWide and ask for a copy of the document that gave them a right to do what they did.
You should also check the terms of your promissory note. If the new mortgage company has raised your rate contrary to the terms of the promissory note, then you may be able to get some relief.
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