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Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 33404
Experience:  Began practicing law in 1992
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My mortgage Loan was transferred from Bank of America to

Customer Question

My mortgage Loan was transferred from Bank of America to
Nationstar Mortgage company in 2013. I was informed by
BOA of this Transfer, and was told that everything would
remain the same (Loan payments, interest and the likes).
However without my knowledge, beginning October of that
year my payments increased from $845 p/mo. to $957 p/mo.
($865 p/mo. was what I was actually paying throughout 2013)
I was not aware of this change until I recived a letter in
January of 2014 saying and I Quote "On 02/01/14, the interest
rate on your Adjustable Rate Mortgage (ARM) will automatically
increase from 6.990% to 6.99% and your monthly installment
amount will decrease $116.25 from $957.79 to $841.54 in accordance
with the terms of your ARM loan." Needless to say my wife & I were
thoroughly confused. Later on in February 2014 we received a call saying
we were behind in our payments. I replied you must have the wrong client
because I always have my payments in on or around the 1st. Later I received
a call saying account would go into foreclosure if I didn't submit a payment
$1,273.47. Because of fear of losing our home. We submitted Payments of
$432.47 on April 9, 2014, and $841.00 on April 15, 2014 besides our regular
monthly payments. In June of this year (2015) we received a letter basically
saying that they had made a mistake and were going to apply the over payment
I had made into my account or submit a payment to me of $670.80. I called to
get an explanation (That really didn't make much sense). I was told that I would receive
a check Sometime in July. I never received it. I called back and was told I would
get it this week and I have yet to receive it. There has been some additional problems
from them that has subsequently, affected my Credit Score and my ability to receive
refinancing. Please, is there anything I can do about this nightmare?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

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