T
tempname
Guest
I am posting this on behalf of a friend of mine, but I would like to prevent something similar from happening to me in the future. My friend had a mortgage where he could get his PMI payment removed when he reached 20% equity in his house. However, his mortgage was eventually sold to another lender, which now requires 25% equity to remove the PMI payment. I'm wondering how this could be legal to have the terms of his mortgage change in midstream when he has no control over who purchases his mortgage. It seems to me that it would only be fair if the mortgage buyer must be subject to the terms of the original mortgage and if they don't want to do that, then they shouldn't purchase the mortgage. But what is "fair" and what is "legal" isn't always the same thing. I want to know what the law actually is, and then maybe I will have to contact my representative to try to get it changed.
Also, on a somewhat related real estate topic, is there anything preventing homeowners associations from charging exorbitant fees when you try to sell your home? When I lived in California, I was charged several hundred dollars as a "transfer fee", plus $5 PER PAGE for printing documents such as the CC&Rs, which is absolutely outrageous. How can they get away with this???? Is it really legal????
Also, on a somewhat related real estate topic, is there anything preventing homeowners associations from charging exorbitant fees when you try to sell your home? When I lived in California, I was charged several hundred dollars as a "transfer fee", plus $5 PER PAGE for printing documents such as the CC&Rs, which is absolutely outrageous. How can they get away with this???? Is it really legal????