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Here we go again Bof A now Nationstar mortg loan

Discussion in 'Bank of America Mortgage Help' started by EACO3575, Oct 8, 2013.

  1. EACO3575

    EACO3575 LoanSafe Member

    I had this problem almost exactly 1 year ago.... our B of A loan sold to Nationstar. I resolved it with B of A at that time. They made an error.

    Just received a letter from nationstar saying our mortgage interest rate was increasing by 0% changing from 6.75 to 6.75, however the payment is going up by of $300.00. I called, asked for further investigating and received the same reply.

    Then I called and they said that in order to pay off the loan by the end date, they have to raise the payment.

    Does this seem right? Is it legal?

    I have NO idea how I could double check this calculation myself!
  2. EACO3575

    EACO3575 LoanSafe Member

    I called and asked for an Amortization schedule, which she said they could not provide to me.
    I could use the generic calculator on their website! LOL!.

    Wondering if I should put a written request for the amortization schedule to see how payments will be applied and see when it would be paid off, however it is an adjustable rate, so I don't know how that would work.

  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I realize you have come across this issue in the past with BofA and it should have been resolved accordingly. In order to get the information in writing, you would need to send a QWR asking for the payment stream. Lender are required to acknowledge receipt of a QWR within 20 days and RESPA allows the loan servicer 60 days to address the questions in a QWR. This is exactly what I would do in your position, yes you can fill out a simple calculator online to determine this, but you can also obtain this information straight from the source.

    HUD RESPA Sample Written Complaint to Lender Letter
  4. EACO3575

    EACO3575 LoanSafe Member

    It is actually an adjustable rate mortgage. If the interest rate is going from zero to zero and the rate staying the same, why would the payment increase over $300?? I will go to the link you provided and send a letter. THANK YOU

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