New Mortgage Company Terms

UPDATED: Oct 2, 2022

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New Mortgage Company Terms

Recently my mortgage was sold to another party. The new terms of this servicing
company are astounding, with hefty fees for virtually anything, including 15 to
make payments, 30 for a simply statement, and 900 fee for selling the house.
How is it legal for this new company to subject me to terms that I never agreed

Asked on October 16, 2019 under Real Estate Law, Delaware


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The mortgage is a contract. While that contract can be taken over ("assigned" to, or "assumed" by) another lender, that lender takes over the mortgage contract as it was; it cannot change those terms or add fees not in the contract. They are obligated to follow the terms of the contract/mortgage as you entered into it.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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