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.
Comments for Price Gouging
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
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.
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Insurance provided the lender against loss on a mortgage in the event of
borrower default. In the U.S., all FHA and VA mortgages are insured by the federal government. On
other mortgages, ...
An option exercised by the borrower, at the time of the loan application or
later, to 'lock in' the rates and points prevailing in the market at that time. When lenders 'lock/'
they ...
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Comments for Price Gouging
Can they sell your mortgage to someone when ur husband is dying and keeps raising up mortgage?
Sep 08, 2020 18:45:45Hey, 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 03:53:49Have a question or comment? We're here to help.