Legal tip 130. Can I change the terms of my mortgage?
Tuesday, September 1, 2009 @ 3:30 PM
Can I change the terms of my mortgage?
Yeah, sure you can ... like everything in life, a financing contract must be elastic within certain margins and mostly within the clear will of payment of the debtor.
This requires either an agreement between the lender and you or that circumstances exist which requires the bank to do so (miscalculation of conditions, violation of Law applicable at the time of signing the deed of loan or mortgage ...). It is advisable to have clear idea of the legal frames regulating these sort of contracts.... so here you got:
First chapter: what changes can be performed?
The change may refer to the following:
1 .- An increase or reduction of capital
2 .- Deadline.
3 .- Interest rate.
4 .- The amortization system and any other financial terms of the loan
5 .- Provision or modification of personal guarantees.
(To be continued tomorrow).