New Mortgage Company Terms

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New Mortgage Company Terms

Recently my mortgage was sold to another party. The new terms of this servicing
company are astounding, with hefty fees for virtually anything, including 15 to
make payments, 30 for a simply statement, and 900 fee for selling the house.
How is it legal for this new company to subject me to terms that I never agreed
to?

Asked on October 16, 2019 under Real Estate Law, Delaware

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The mortgage is a contract. While that contract can be taken over ("assigned" to, or "assumed" by) another lender, that lender takes over the mortgage contract as it was; it cannot change those terms or add fees not in the contract. They are obligated to follow the terms of the contract/mortgage as you entered into it.


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