We just got a modification and extension agreement mailed to us by our lender after we could not comply with the balloon payment due on our mortgage. We were never late nor missed payments even tho we filed bankruptcy in 3/2009. We filled out a mortgage application and included all the ton of paper work they required. What I need to know is-there isn't a "Truth in lending" document included. They required a $150. legal fee, which I have paid them. We did not see an attorney and there is not an attorney listed in the paperwork. The agreement states how much the approximate balance is and how much the payment is. It has a maturity date in Feb. 2015. The interest rate is not included in the agreement. We had a friend of ours that works at a different bank call and inquire as to the interest rate. She was told 10%. Now our mortgage company called and needs another $148 for interest for October(the month the origional loan matured).
At this point we have no choice but to go thru with the agreement if we want to stay in our house. We owe around $24000 and it is worth around $45000.
Should the bank have included a "Truth in lending" statement? What other document should have been included? Shouldn't the interest rate have been stated somewhere in the document? Does this vary by state? We are in SC and the bank is in Texas?
At this point we have no choice but to go thru with the agreement if we want to stay in our house. We owe around $24000 and it is worth around $45000.
Should the bank have included a "Truth in lending" statement? What other document should have been included? Shouldn't the interest rate have been stated somewhere in the document? Does this vary by state? We are in SC and the bank is in Texas?
Bankruptcy Wizard
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