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Apex Mortgage/term dispute


Katt3344
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The last post in this topic was posted 1157 days ago. 

 

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My mother and father in law took out a mortgage in 2006 with CitiFinacial. The terms were for 15 years at 7.5%, payment was $478/mo. In 2008, they requested an Adjustment of Terms (AOT) and were approved and the terms were adjusted to 30 years (total - addl 27-yrs), int rate lowered to 7% and pmt lowered to $350/mo. On the AOT form it clearly shows a total of 325 pmts. However, the maturity date was left at the original date of 02/01/2021. The mortgage has been transferred/reassigned at least 3x since then and is now with Apex Mortgage. They are telling my inlaws they must pay the remaining balance of the loan in full come Feb 2021 or they are going to foreclose on them. Clearly this was a typo as the terms show 325 pmts. Also, they have been paying the adjusted amount of $350 monthly since Apex took over the loan in 2016 and there is nothing showing they are behind. So they were accepting the lower payment but refuse to honor the term. We have submitted the documentation to Apex showing the AOT signed by the Branch manager of CitiFinancial at the time but they will not honor it and are telling them they either have to pay it all by 02/01/2021 or face foreclosure. We are trying to contact an atty but it's the holidays and haven't had much luck getting one to call us back. Does this sound like something that would need an attorney or does anyone have any suggestions for handling this on our own? My inlaws are both on a very limited income on disability and definitely don't have $50K lying around! We are in Florida, if that helps! Any help/suggestions would be appreciated! TIA!

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First things first...February 1st is a ways off, a veritable eternity in legal land.  There is NOTHING that would be accomplished this week or next that cannot be done in the first week of January. 

 

Secondly, with the mortgage being transferred that many times, why is the issue just now rearing its head.  There should have been a clear understanding in their original documents from Apex as to how Apex understood the amortization to be structured.  Where is all of THAT paperwork?  And where is the paperwork from the interim servicers.  This is not an issue that JUST appeared. 

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On 12/23/2020 at 11:52 AM, centex said:

First things first...February 1st is a ways off, a veritable eternity in legal land.  There is NOTHING that would be accomplished this week or next that cannot be done in the first week of January. 

 

Secondly, with the mortgage being transferred that many times, why is the issue just now rearing its head.  There should have been a clear understanding in their original documents from Apex as to how Apex understood the amortization to be structured.  Where is all of THAT paperwork?  And where is the paperwork from the interim servicers.  This is not an issue that JUST appeared. 

 

Agree that OP's in-laws should relax during the holiday week and set sights on setting up an appointment with an attorney ASAP.

 

I'm sure that the issue is "just now rearing its head" precisely because Feb 1 is approaching and the lender likely sent a reminder of the balloon payment due.  The one time I had a mortgage transferred, very little was involved.  I wouldn't find it a travesty if this couple merely signed off on the documents without giving them a critical read (even though we ALL know better).  It might be interesting to know how Apex and earlier holders translated the CitiFi AOT into their loan documents, but I suggest leaving that to a lawyer to sort out.

 

I'm impressed that this couple has retained the CitiFi AOT.  Having that in hand will be a considerable leg up for the lawyer who is retained, vs starting from scratch.

 

btw, I would recommend seeking out a lawyer through your city or county Bar Association Lawyer Referral unit.  A quick google should search contract info.   My one time experience in seeking out a lawyer in that manner got me an initial consultation for a relatively nominal fee and put me in the hands of someone who was extremely well versed in the matter on which I was seeking advice.

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