If a bank sells your mortgage to a private lender, can they change the terms of the loan?

Asked almost 2 years ago - Elmhurst, NY

if I get a mortgage audit on private lender and there are violations, even though they claim not to do modifications, will it help me work out a new payment plan?

Attorney answers (3)

  1. Richard J. Chertock


    Contributor Level 18


    Lawyers agree

    Answered . If your loan is sold the terms can not change. The note controls the terms of payment and can only be changed by consent of all parties and in writing

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  2. Ivan E. Young


    Contributor Level 11


    Lawyer agrees

    Answered . Generally speaking, a mortgage audit is a complete waste of money unless performed and utilized by an attorney in a legal proceeding (i.e. foreclosure action). Just to be clear, regardless of what violations the audit claims, 99% of the time the audit itself will not help one bit to achieve a modification.

    Further, it is illegal for any company (i.e. the audit company) to charge you any fees up front for a mortgage audit, unless you were NOT delinquent on the mortgage when you ordered the audit.

    You should definitely contact and/or retain an attorney with respect to this matter. Should you have any further questions, comments or concerns; feel free to follow up with my office at anytime.

  3. Vincent J. Gallo

    Contributor Level 14


    Lawyer agrees

    Answered . No they cannot.

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