I was advised to hired an attorney to negoitate my loan modification in order to get the best deal. Well, the attorney firm was taking too long and was not following through in a timely manner; therefore, I took over and begun negoitating.
However, I was told by the attorney, by law the lender cannot go below 3 percent on my loan modification (if my current interest is 11%, the lender cannot go below 8%). Vanderbilt's representative told me "that law does not apply to them."
I also asked Vanderbilt's representative about the Bill that President Bush is signing regarding refinancing to current market value to reduce my payment. The representative replied "that law does not apply to them either."
Vanderbilt's representative simply told me that they are not governed by the laws that most mortgage companies are governed by. However, I am still confused as to what laws govern Vanderbilt Mortgage and Finance, Inc..
I am facing a hardship due to my tenant not being able to continue to pay the rent I must charge due to the high mortgage payment. If I am unable to lower my tenant's rent soon, my tenant will move and I will face foreclosure due to my limited income.
0 comments