Hello folks,
I have a situation, part of a loan modification process, my second loan was paid off by mortgage insurance to SunTrust 12 years ago, now insurance want to collect debt plus interest. There is a lien on my properly which is not going to go away as explained to me by the insurance company that paid off the debt about 12 years ago.
I was not aware of any of this until now that I want to refinance my first loan. My question is does the insurance company have the right to collect the high interest rate originally set on the loan which actually doubles the loan.
The insurance company does not want to negotiate because the property does have enough.
I am in CA and it and the lien has been there for 12 years .
Any advice would be greatly appreciated.
thanks
I have a situation, part of a loan modification process, my second loan was paid off by mortgage insurance to SunTrust 12 years ago, now insurance want to collect debt plus interest. There is a lien on my properly which is not going to go away as explained to me by the insurance company that paid off the debt about 12 years ago.
I was not aware of any of this until now that I want to refinance my first loan. My question is does the insurance company have the right to collect the high interest rate originally set on the loan which actually doubles the loan.
The insurance company does not want to negotiate because the property does have enough.
I am in CA and it and the lien has been there for 12 years .
Any advice would be greatly appreciated.
thanks