Okay, so I have a fixed rate on my house for 30 years. Can the mortgage payment go up without an authorization?
In: Mortgage Payment
9
Mar
2010
The mortgage company sold my morgage to a different company and know I am getting a higher mortgage payment. I ‘ve tried contacting them and they keep telling me that they have the correct information. How can I fix this?
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2 Responses to Okay, so I have a fixed rate on my house for 30 years. Can the mortgage payment go up without an authorization?
Debra G
March 9th, 2010 at 2:08 pm
Just because your mortgage was sold to a different company doesn’t mean that your payment will go up. If it is definitely a 30 year fixed, the only way it would go up is if your taxes and/or your property insurance are escrowed in your payment. Taxes and insurance go up every year, and it would be reflected as an increase in your payment.
Landlord
March 9th, 2010 at 2:18 pm
Your mortgage should not go up. The property taxes and insurance attached to the loan may increase, but the loan amount is set in concrete.