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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28039
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I had a home loan modification 6 years ago. Looking at my

Customer Question

Good morning! I had a home loan modification 6 years ago. Looking at my statement they are only us $75/month for the principal and $550/month for interest.
Is that legal?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good morning. What were the terms and conditions of the loan modification? How many years was this for?

Customer: replied 1 year ago.
I don't recall all the terms and conditions, the original home loan was for 30 years, 5.75% interest starting in 10/03.
I think when the loan was modified it was for another 30 years. Unfortunately I had cancer at the time and needed to modify and just signed all the paperwork.
Expert:  RealEstateAnswer replied 1 year ago.

Thank you. Typically, with a 30 year mortgage/loan, A LOT of interest is paid in the begging with little applied to the principle but as the life of the loan continues, it reverses and you pay more towards principle, at the end. You have a legal right to contact your lender and ask for a payment schedule which will break all this down, so you can see how your payments will be applied, over the next 30 years. There is nothing necessarily illegal about this but you do want to make sure that what you signed and agreed to is properly being applied.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or concerns? I am here to help so please just let me know.