What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and
just because it was sold does not mean they have the right to
change the mortgage agreement. If you signed a new mortgage
agreement stating the new agreement then you are liable for that,
but you can call your mortgage company and tell them you have a
copy of the agreement you signed and, that you didn't agree to an
arm. To sum it up, unless you re-signed a mortgage agreement, they
DO NOT have the right to change anything just because they have
baught your mortgage from your original mortgagor. Please do not
let them run you over. Good luck.
Related Q&A：
What is an inter lender agreement？Well, let me tell you. An inter lender agreement is basically a contract or an understanding between multiple lenders. It's like a set of rules and terms that they all agree to follow when they're involved in a lending situation together. It could cover things like how the funds are going to be managed, what the responsibilities of each lender are, how the risks are shared, and maybe even stuff like what happens if there are any problems or defaults. It's super important to make sure everything is clear and agreed upon so there aren't any confusing or messy situations later on. You know what I mean?
