I wondered if I might ask you a question regarding an in-house modification that I received from GMAC in 2009. I had a negative amortization loan in 2006 which went from $675,000 to $750,000 by 2009. Because of the larger mortgage amount, I didn't qualify for government modification so they did an Interest Only Loan Modification at 2.875% for first 4 years that would go up 1% a year until it reached 5.125 in 2015. I signed and had the document notarized, sent to them but never got any paperwork regarding the loan. I have been making the new payment since 2009 and first interest rate increase was supposed to have happened on December 1st payment.
GMAC transferred the loan to Ocwen which I called, the person stated that they didn't see any increases until 2019 when the loan would go from interest only to principal and interest payment. I also went to their website and printed the document that states I have a fixed rate of 2.875 for the life of the loan.
Do you feel there could be any issues should I continue to make the same payment which is on the mortgage statement even though the document that I signed stated increase at this time. I'm wondering if they might have turned it into a fixed rate modification without my knowledge. I initially called trying to get some type of help with the new payment which would have been an extra $600 a month. The current payment is still doable and hoping payment continues at the lower rate.
Thanks for any feedback, greatly appreciated!