Legal Question in Real Estate Law in California

I have a home in California and have been with GMAC for years with a 1% loan for 30 years. My loan has recently been acquired by OCWEN which sent me a notice recently that as of June 1 my interest rate will now be 2%. Can they do that, or does my GMAC arrangement have priority and should remain in place?

Thank you.

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Asked on 5/15/13, 12:53 pm

1 Answer from Attorneys

Anthony Roach Law Office of Anthony A. Roach
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It depends on the terms of the promissory note you signed. If you have an adjustable rate, then yes, they can change the interest rate. If you have a 30 year fixed, then no, they cannot.

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Answered on 5/15/13, 2:47 pm

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