After signing the contract five years ago we decided on a variable interest rate. The interest rate we sign up for was 11%and as interst rate dropped our monthly payment would drop and if it goes up our payments will be increased no more than 2%. These payment were to be made bi-weekly and if the funds were not in our account we would haave to pay a certain percentage. We paid our payments for five years on time never missing a payment. We ran in to some finacial problem and decided to make some changes. We notified the mortgage company of these changes.
We received a letter from their company stating they could no longer take our payments bi-weekly out of our account and that the payment will be much more than we signed on the contract. WE decided to go head and make the payment as of today we cannot get any one to elaborate on the reason for the increase. So if any one can refer us to the right executive to talk with we would greatly appreciate your help.
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