Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, if they reduced your premium
and included arrears and interest/fee in the new loan PLUS extended you out to 40 years, then yes, the cost of this loan in the end is going to be a lot more than had you not been in arrears or made up the arrears and continued paying off the original loan in 30 years. It is not predatory if they are extending the number of years to 40 years which start from when you signed the new loan and incorporated the prior loan, arrears, interest and fees into the new loan I am afraid, since there are more costs associated with giving you the loan extension and incorporating the arrears.
However, there may be other clauses in your new mortgage agreement that may not be appropriate, but that would require a local consumer attorney to do a forensic
audit of the mortgage agreement itself to determine if there are other grounds to attack the new loan.
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