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1 page/≈550 words
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Level:
MLA
Subject:
Literature & Language
Type:
Essay
Language:
English (U.S.)
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Topic:

MORTGAGE LOAN INTEREST RATE ANOMALY (Essay Sample)

Instructions:
i need space on top left corner to write my adress and their address please. to whome it may concer i modified my loan in nov 2010 with the help of NACA(NEIGHTBORHOOD ASSISTANCE CORPORATION OF AMERICA. my interst rate was 7% and $1708.00 monthly payment when i brought the house. NACA helped me to lower my mortage. bank of america offer me to pay 2% interst rate with monthly payment of $930.30 and we both signed the proposal(new contact) me and my lender and i start making a payment without any missing or late payment. all the sudden the bank change my interst rate to back to old spot to 7% with monthly payment of $1665.35 which is not affordable according to income and my profit and loss statement.i want back to NACA and they adocate my (case)file to the lender. on 11/08/11 i recived document from my leader bank of america and its shows that my current interst rate is 2% which is totally wrong and big mistake and new interst rate 5% . according to my mortage statement i recived each month from the bank shows that 7% interest rate. there is 5% interest rate difference according to my monthly mortage statement and the new docment. this big mistake put me on higher deffered pricipal balance, longer maturity date and high deilquent balance in this econmy crisis and in my hardest finacial problem. am righting this letter to you to take a deep look on all my document and make the right and affordable decion. i will also send the proposal we both signed backing nov, 2010 and my last two month of mortage statement. would you butter it up please and make it look nice and intersting. source..
Content:
Your Name
Add your Address here
December 12 2011
Bank Of America
Add bank Address here
To Whom It May Concern;
RE: MORTGAGE LOAN INTEREST RATE ANOMALY
I took a mortgage loan which I have been servicing at an interest rate of 2% but I have realized the bank did change it to 7% interest rate without my knowledge. The mortgage loan I have been services was advanced to me at an interest rate of 7% which I was paying $1,708 monthly installment when I bought the house.
In November 2010 I did contact Neighborhood Assistance Corporation of America (NACA) who assisted me negotiate for a lower rate of 2% with a monthly payment of $930.00 with your bank and we both signed the proposal which in my view was a new contractual agreement on how I should service the loan from the date of the signing of the contract. The contact I signed with your bank with assistance of Neighborhood Assistance Corporation of America (NACA) which is herein attached.
Since the signing of the contract I have been servicing the loan at an interest rate of 2% and the principal of 930.00 without failure as agreed in the contract signed. To my astonishment I have rea...
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