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katiebean

Guest
What is the name of your state? Missouri

I currently have a one year FHA Arm loan. My change date was July, 2002. I received a notice from my lender stating my rate had gone down 1% and my payment would go down in August, 2002.

My lender is refusing to lower my rate and payment. I have been paying a 1% higher rate (my original rate before the change date) for the last two months.

Could you please give me my legal options?

thank you
Traci
 


JETX

Senior Member
What reason did the lender give when you asked him this question IN WRITING??? Once you do that and get his reason for denial, come back here and we will try to help.

Anything other than that.... we would just be guessing.
 
K

katiebean

Guest
well, the lender just happens to be my employer. He said the shipping department messed up and didn't get it in a pool. They want me to change my change date to February, 2003. So that would mean I would be a the higher interest rate for six months longer and risk my rate going up ---- when I should be at the lower interest rate for a full year.

I have not contacted HUD yet because I AM an employee and because my husband has been out of town all week and doesn't know what is going on.

My payment is automatically taken out of my bank, and since they have not change my payment to the lower P &I, I have been making the high interest rate payment for 2 months. I am already out $150.

thanks
traci
 

HomeGuru

Senior Member
katiebean said:
well, the lender just happens to be my employer. He said the shipping department messed up and didn't get it in a pool. They want me to change my change date to February, 2003. So that would mean I would be a the higher interest rate for six months longer and risk my rate going up ---- when I should be at the lower interest rate for a full year.

I have not contacted HUD yet because I AM an employee and because my husband has been out of town all week and doesn't know what is going on.

My payment is automatically taken out of my bank, and since they have not change my payment to the lower P &I, I have been making the high interest rate payment for 2 months. I am already out $150.

thanks
traci

**A: doncha know what an FHA loan is and what FHA does?
The lender is fully protected by the FHA "insurance" on the loan.
 
K

katiebean

Guest
what does the fha insurance protecting the lender have to do with the lender not lowering my rate on my NOTE on my change date?
 

HomeGuru

Senior Member
katiebean said:
what does the fha insurance protecting the lender have to do with the lender not lowering my rate on my NOTE on my change date?

**A: better yet, what does the lender being your employer have anything to do with your contracted mortgage?
You asked for legal option. Well one of them is to sue your employer. Since that is highly not likely, the next best thing is to contact FHA, the entity that insured the loan.
 

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