I have a fixed rate mortgage owned by Fannie Mae. Your servicer may do that for an extra cushion. They can NOT over pad you by law.
You can complain and get your payment reduced.
I have a question;
Since everyone is bailing out everyone, what will that do for the people like us who work everyday, even if we are not up to it
Why do some Americans get a REDUCED principal balance on their mortgage (loan modification) and the rest of us who never pay late are given the shaft for paying ontime???
Is that how it works? you dont pay your bills so they modify your loan?? I would never do that, but it sure hurts when your neighbors do it and get a reduced principal balance on their mortgages
