Can a new mortgage company subject me to terms that I never agreed to?
Question Details: 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 simple statement and a $900 fee for selling the house. How is it legal for this new company to subject these new terms?
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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