How can i still owe this much money?

UPDATED: Oct 2, 2022

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How can i still owe this much money?

we refinanced our house in 2003 using c/u financial for 65000.00. It was then sold to Washington Mutual until its downfall and it was sold to chase mortgage. I did fall behind a few times while it was with chase, but always paid the money to catch it up. In 2014 my husband became disabled and was earning no income and we took custody of grandkids so they didn’t go into foster care and we qualified for the Indiana hardest hit fund. They paid our mortgage for two years and we did have to pay taxes on the money as if it was an income. Chase then sold it to Seterus. It was originally a 30 yr mortgage and when it got sold to Seterus somehow the mature date turned into 2054 when it should have been 2033, and we still owe 61000.00 on the property. How can that be possible

Asked on August 20, 2019 under Real Estate Law, Indiana


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Mortgages can be sold at will, but the terms do not change unless there is voluntarily refinance on the part of the borrowers, so selling your mortgage would have no effect on the duration of your mortgage or amount owed. The only way legally the amount owed or possibly the duration could be extended would be if either when you fell behind, interest and penalties accrued, to be added to the balance; or when that fund was paying for you, it failed to pay in full and/or on time, so that again, addditional amounts accrued.
Ask for an explanation from the current mortgage holder of how they have calculated the amount due and duration; it *might* be, given the above legitimate. On the other hand, if you either do not receive an explanation or receive an unpersuasive one, speak to an attorney: a mortgage is a contract, and if the terms of the mortgage are being violated, you could sue for either or both of monetary compensation or a court order correcting the amount due or owed.

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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