Can a mortgage company alter a mortgage contract whenever they desire to?

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Can a mortgage company alter a mortgage contract whenever they desire to?

For 24 years we have had mortgage life insurance on our home. Now, the mortgage company has stated that they were no longer

Asked on August 5, 2017 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They are not altering the contract; they are no longer offering this particular product, which they may do--the law does not require a company or business to forever or perpetually offer the same products or services. You may have to find some other company or product offering you the benefit(s) you wanted from this plan (i.e. can get an insurance plan which will essentially do what you want from some 3rd party insurer).


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