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13032Re: [tips_and_tricks] Bank changing amount of priciple due on a mortgage

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  • Julian Shelton
    Dec 1, 2006
      Start with reading both your loan docs & your trust deed or mortgage instrument very carefully to see if there's a clause authorizing such a transfer.  If there is and you signed the document you agreed to it, unknowingly, if it was not clearly disclosed to you at the loan closing when you signed docs.  If it was disclosed to you at that time you may be stuck with it.  If it wasn't clearly disclosed to you at the loan closing, however, you can probably file a Regulation Z disclosure violation against the lender.  I don't have personal experience doing this & don't have specific information on how to go about it but you can more than likely find infoprmation by doing a google search on Regulation  Z.  Regulation Z violations by lenders are serious matters for them.  You may be able to negotiate with them to voluntarily drop it if you were not provided with clear disclosure at the loan closing prior to signing the doc that authorized the transfer.  No lender wants to have a Reg Z violation complaint filed against them because of the seriousness of the penalties for the violation.

      -----Original Message-----
      From: susanne waid
      Sent: Nov 30, 2006 8:58 PM
      To: tips_and_tricks@yahoogroups.com
      Subject: [tips_and_tricks] Bank changing amount of priciple due on a mortgage

      My mortgage lender has changed the principle amount due on my mortgage loan by transferring a ┬ôrecoverable corporate advance┬ö, which I have disputed, to the principle amount due.  In spite of searching on the net for over an hour and a half under every category that I could think of, I cannot find any statutes governing this situation.    Does any forum member have a suggestion as to where I might search?  I would greatly appreciate your input.  Susanne Waid

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