I executed a Note in 2004 with 4% variable interest and yearly payment of $21K. During 2005-2007, we made the payments of $21K, not knowing that our rate was increased each year. The bank did not notify us of higher payment due. This year, the bank realized its mistake and ten days before due date, demanded an extra 6K. We cannot make a payment of 21K plus 6k, and are now facing foreclosure. What can we do?
Contact the bank, with the hope that something can be worked out. No bank wants to foreclose on mortgages. That's particularly true when real estate values are suppressed in a shaky economic environment. If you are unable to reach a workable compromise with the bank, by all means contact an attorney to advise you.
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Contact the bank, with the hope that something can be worked out. No bank wants to foreclose on 