My husband and I obtained a loan for our house over two years ago. The payment was set for 783.00 and that included alot of things in escrow such as hazzard insurance, PMI, and county taxes. After a time the bank gave our loan to another mortgage co. who then told us that we had NOT been paying the PMI on our loan and in order to resolve it they raised our payments 1,189.82.
Because of such a dramatic increase in the payment it has been hard to meet those requirments. However, as I said before, the PMI had been figured into the original payment of 783.00. We recived no notice of intent to foreclose. We've talked to our lawyer about it and he thinks we should try and find another mortgage co and buy our house back when it actually goes to sale on the courthouse lawn. Any ideas? I really feel that the bank is at fault here. I know it's made it into the recorders office in the courthouse and to the Asociate court office. How can they do that without informing us?
2006-08-21 16:11:17 · 4 answers · asked by bluegrass 5 in Politics & Government ➔ Law & Ethics
I don't think you want to have the forclosure on your record. You won't be able to buy the house and get a good interest rate on the loan. Remember, people will be bidding against you and you'll be paying the full market value of the house.
The best way is to find another bank and refinance the house. Ask for a continuance on the forclosure. It'll be costly but it's still better than a forclosure.
2006-08-21 16:21:14 · answer #1 · answered by something 3 · 0⤊ 0⤋
I had PMI on my first home.
Every statement I had ever received from both mortgage companies shows how much was taken out of my payment and for what. It has an entry for PMI being paid .
If you don't have proof in your statements that the PMI was being taken out of escrow, you probably weren't paying it.
It probably was an oversight by someone. I wish you the best of luck.
2006-08-21 23:19:59 · answer #2 · answered by Slider728 6 · 0⤊ 0⤋
Listen to your lawyer. He knows the laws best where you live and also has some idea of your ability to get a new mortgage. The foreclosure thing is definitely a bummer, so good luck with that. But listen to your lawyer instead of a bunch of strangers on the Internet.
2006-08-21 23:18:55 · answer #3 · answered by pvreditor 7 · 0⤊ 0⤋
i can't imagine that they can. if you have your original paperwork from the closing on your house that shows what all is supposed to be in your monthly mortgage payment, i can't believe they can go ahead with this claiming that you never paid into this. that just sound fishy to me. i'd talk to another lawyer and get a second opinion. hopefully it's not to late.
2006-08-21 23:18:03 · answer #4 · answered by wilderone74 4 · 0⤊ 0⤋