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.

[email protected]

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

1 Answer from Attorneys

Anthony Roach Law Office of Anthony A. Roach

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.

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

Related Questions & Answers

More Real Estate and Real Property questions and answers in California