Legal Question in Banking Law in New York

I have been in my house for about three years and am struggling with the payments.

I recently found the original commitment letter that I received which stated that I needed to make $11,600/mth as a condition of the loan. This letter was received after they had requested my tax returns. I pointed out to the mortgage person that I did not make that much money and they removed the statement and gave the loan anyway.

They never gave me any advisement, or mentioned that the loan was too much for me to handle on my salary. Was it legal for them to simply change the wording of the commitment letter when they knew I did not make enough money to pay the mortgage?

Thanks,

Eileen

Asked on 1/15/12, 5:29 am

1 Answer from Attorneys

Warren Markowitz Warren R. Markowitz, Esq
0 users found helpful
0 attorneys agreed

More details and a review of your documents are needed to see if any relief can be had under a predatory lending claim.

In general, you may be able to alter the terms of the agreement with the lender, or move towards other contractual arrangements to surrender the house without falling into foreclosure.

You should speak with someone that can handle this problem for you, and they would need to start with the documents you received from your lender and the documents you executed at the time the loan was issued.

Read more
Answered on 1/15/12, 9:28 am

Related Questions & Answers

More Banking Law questions and answers in New York

Looking for something else?

Get Free Legal Advice

88423 active attorneys ready to answer your legal questions today.

Banking Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Michelle ScopelliteGoldstein & Scopellite, PCTucson, AZ
Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now