Legal Question in Real Estate Law in Georgia

mortgage on home

I received a truth in lending statement on mortgage in Florida from a bank on 3/9/07 witha rate of 7.354 and no prepayment penalty. on 4/13/07 i received my mortgage document which had a higher rate 9% and a prepayment penalty of 6 months interest if it was paid off within the first 3 years. i think i should have been notified in a reasonable amount of time. Is this legal? iis there a governing body that this bank is accountable to?


Asked on 2/07/08, 8:28 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: mortgage on home

The Statement is not a loan contract, and it is generally not intended to be an open-ended guarantee of a certain interest rate or terms. Your agreement is found in the Note and related documents you signed and agreed to. No one here can guess what took place between the statement date and your closing, but the rate nd ters could be changed for any number of reasons.

Read more
Answered on 2/07/08, 8:39 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Georgia