What can I do if my mortgage has been repeatedly sold and transferred and now the maturity date has changed?
Question Details: We refinanced our house 16 years ago for $65,000. Our loan was then sold to a bank that subsequently went under at which point it was sold to another financial company. I did fall behind a few times while it was with the last lender but always paid the money to catch it up. Then, 5 years ago, my husband became disabled and was earning no income and we also took custody of grandkids so that they didn't go into foster care; we qualified for our state's hardest hit fund. They paid our mortgage for 2 years and we had to pay taxes on the money as if it was an income. then the 3rd lender sold out mortgage to another lender. It was originally a 30 year mortgage but when it got sold this 4th and final time, somehow the maturity date turned into 2054 when it should have been 2033. We still owe$61,000 on the property. How can I still owe much money? How can that be possible?
Mortgages can be sold at will, but the terms do not change unless there is voluntarily refinance on the part of the borrowers, so selling your mortgage would have no effect on the duration of your mortgage or amount owed. The only way legally the amount owed or possibly the duration could be extended would be if either when you fell behind, interest and penalties accrued, to be added to the balance; or when that fund was paying for you, it failed to pay in full and/or on time, so that again, addditional amounts accrued.
Ask for an explanation from the current mortgage holder of how they have calculated the amount due and duration; it *might* be, given the above legitimate. On the other hand, if you either do not receive an explanation or receive an unpersuasive one, speak to an attorney: a mortgage is a contract, and if the terms of the mortgage are being violated, you could sue for either or both of monetary compensation or a court order correcting the amount due or owed.