Definition of "Price Gouging"

Mary Greenhalgh Thomas real estate agent
Mary Greenhalgh Thomas, Real Estate Agent Berkshire Hathaway Fox & Roach Media Home Marketing Ctr.

Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market.

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Comments for Price Gouging


Marie Marie said:

Can they sell your mortgage to someone when ur husband is dying and keeps raising up mortgage?

Sep 08, 2020  18:45:45

 
Real Estate Agent

Hey, Marie! We are sorry to hear about your situation. Unfortunately, federal banks allow financial institutions to sell mortgages and service rights to other institutions without the consumer's consent. However, the terms and conditions of the contract don't change even if the loan is sold. This means that interest rate, payment amount, and loan type remain the same and the only thing that changes is the address you send the payments to.

Sep 16, 2020  03:53:49
 

 

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