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I am a little confused of the answer I got from Cedric. Law

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Pro tells me that the...
I am a little confused of the answer I got from Cedric. Law Pro tells me that the Note that was issued in 2005 when I closed on the mortgage cannot be retroactively modified. The bank is stuck with that note. However, Cedric tells me now that the bank can issue a new Note stating that you have those continuing obligations for the next 25 years. The original Note (2005) was signed with a Monthly Principal & Interest of US$1,728.84 as payment for the remainder of the 25 years. However, the bank now insist on me paying US$ 1,844.20 monthly for Principals and Interest over the 25 years. But the Note says US$1,728.84, even though this was a mistake by whoever issued it and we signed. According to Cedric the bank can issue a new Note. The new note will have the right P&I ($1,844.20). I am not sure bank can re-issue Note as they go along. If so, the consumers do not have much rights. What if My Wife and I deny to sign it and refer to the first Note we sign as the one in force?
Submitted: 7 years ago.Category: Legal
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Answered in 1 hour by:
6/1/2010
Lawyer: Law Educator, Esq., Attorney replied 7 years ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 119,473
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Actually, they are both right. The bank can issue a new note, but you do not have to sign it unless the bank can prove that the first note was an administrative error. An error can be grounds for them to correct the note and you would not be very successful in court arguing that they cannot fix their administrative error. Other than the bank proving an error, they cannot simply decide to change the note just because they wanted to change it or wanted to raise it, they have to have some actual justification and without that justification (administrative error) then they can ask you to sign the new note, but they could not force you to do so and could not enforce that new payment against you.


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