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rated:
Is it legal for my mortgage company to raise my interests rates almost 650 dollars a month with my knowledge? What can i do?

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rated:
1) Do you have an adjustable rate mortgage? If so, yes.
2) Did the actual interest rate go up, or only the mortgage monthly payment? Even in a fixed mortgage your insurance and taxes going up can create an increase in the payment. $650 seems like a stretch, but it is a possibility.

rated:
tennis8363 said:   1) Do you have an adjustable rate mortgage? If so, yes.
2) Did the actual interest rate go up, or only the mortgage monthly payment? Even in a fixed mortgage your insurance and taxes going up can create an increase in the payment. $650 seems like a stretch, but it is a possibility.

OP could also have had an interest-only mortgage that converts to full amortization.

rated:
Yes. There are several reasons this could have happened legally. A mortgage is a MAJOR part of your finances. It's not a good sign if you were suprised by this. It's either a reset of some teaser rate/ARM readjusting, or possibly your escrow is underfunded. Call your bank and see what's up.

rated:
I agree with the other posters there are many reasons this could happen. OP can you post more information,?

rated:
I smell a troll.

But I'll bite, the escrow could have gone up beca8se of increase in homeowners insurance or property taxes.

rated:
kriskos4 said:   I smell a troll.

But I'll bite, the escrow could have gone up beca8se of increase in homeowners insurance or property taxes.

  Or if it was a new build and  escrow went from land only to land plus dwelling.  Many legit options here.  If OP is real hopefully they come back to clarify.

rated:
And the correct answer is: "Go read the damn papers you signed at closing!" .

rated:
ashleycarleton said:   Is it legal for my mortgage company to raise my interests rates almost 650 dollars a month with my knowledge? What can i do?
Maybe - sort of.  Of course, your "interest rates" can't go up by $650.  Assuming your payment is going up by $650, yes, there could be several "legal" ways that could happen.

Presumably you received a notification from your lender or servicer explaining the change in your payment amount.  What did that say? 


 

rated:
ashleycarleton said:   Is it legal for my mortgage company to raise my interests rates almost 650 dollars a month with my knowledge? What can i do?
  "with my knowledge"... apparently you knew it was coming

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