Legal Question in Bankruptcy in North Carolina

I've been paying on 2 loans with spring leaf financial which were American General.A year and a half age my loans were sold to Nation Star.i signed up for a modification with spring leaf because i knew hard times were coming and with th housings crisis of 2008 in never fully recovered i started to fall alittle behind,now lookn back i see it was a stall tactics they used until they sold my loans to nation star,now that nation star has sent a foreclosure letter on 1 loan for 50tHousand other is current And we have acceded payments on this loan also,now i have been getting my papers in order i've found my tax returns from spring leaf stating all payments thats been made on both loan for the last 8years has went towards "INTEREST ONLY"I've paid 40thousand in payments towards the 50thousand laon at a 9.99 rate i have acceded the payment some months but nothing has went towards principal.Your help and any info will be greatly appreciated.i can be reached by email [email protected] or 3365802165

Asked on 6/04/15, 10:13 am

1 Answer from Attorneys

Lynn Coleman Attorney-Mediator

You need to have an attorney review your paperwork and advise specific options to help you keep your home and determine if you have any claims against NationStar or American general/SpringLeaf. These "interest only" loans were used often back in 2008 and there may be nothing illegal about the loan itself. Your concern should be what to do now to keep the home.

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Answered on 7/02/15, 7:20 am

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