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TJ, Esq.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 12362
Experience:  JD, MBA
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I have an adjustable rate mortgage that has gone through 2

Customer Question

I have an adjustable rate mortgage that has gone through 2 rate change periods. For the past 2 periods my rate has not dropped. It should have by half a point last year and about a quarter a point this year, below what they are charging me. The bank said my mortgage can not go below 3.75 percent but it does not say that in the mortgage. Can I bring them to court and make them change my rate?
Submitted: 1 year ago.
Category: Legal
Expert:  TJ, Esq. replied 1 year ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

If the mortgage provides for a calculation to compute the interest rate, and the lender is not following that calculation when it benefits you, then you may certainly sue the lender to force it to follow the terms of the mortgage. If the mortgage does not state that the rate cannot drop below 3.75%, then they may not unilaterally put that bot***** *****mit on the rate.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

Expert:  TJ, Esq. replied 1 year ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!