𝐀𝐬𝐤 𝐲𝐨𝐮𝐫 𝐋𝐚𝐰𝐲𝐞𝐫 𝐟𝐫𝐨𝐦 𝐌𝐊 𝐀𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐞𝐝 𝐀𝐝𝐯𝐨𝐜𝐚𝐭𝐞𝐬………!!!!!!!!
𝑪𝒂𝒏 𝒂 𝒃𝒂𝒏𝒌 𝒎𝒂𝒌𝒆 𝒂𝒏𝒚 𝒄𝒉𝒂𝒏𝒈𝒆 𝒊𝒏 𝒎𝒚 𝒍𝒐𝒂𝒏 𝒄𝒐𝒏𝒕𝒓𝒂𝒄𝒕 𝒘𝒊𝒕𝒉𝒐𝒖𝒕 𝒎𝒚 𝒌𝒏𝒐𝒘𝒍𝒆𝒅𝒈𝒆, 𝒇𝒐𝒓 𝒊𝒏𝒔𝒕𝒂𝒏𝒄𝒆 𝒊𝒏𝒄𝒓𝒆𝒂𝒔𝒊𝒏𝒈 𝒎𝒚 𝒊𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝒓𝒂𝒕𝒆 𝒊𝒏 𝒂𝒏𝒚 𝒘𝒂𝒚???????
It is not bank’s or any financial service provider’s discretion to make changes in loan or mortgage agreement. Some banks seem not to understand the principle of contract and take themselves as superiors over the people they lend money or think that they are doing a favor to these people and in so doing they act beyond their contractual and legal mandate.
It is legal and at some time contractual (depending on the provisions of the contract) for banks not to change any provision in the loan agreement without the borrower’s knowledge and acceptance, 𝗔𝗿𝘁𝗶𝗰𝗹𝗲 𝟮𝟰 𝗼𝗳 𝗟𝗮𝘄 𝗡𝗼 𝟬𝟭𝟳/𝟮𝟬𝟮𝟭 𝗢𝗳 𝟬𝟯/𝟬𝟯/𝟮𝟬𝟮𝟭 𝗥𝗲𝗹𝗮𝘁𝗶𝗻𝗴 𝘁𝗼 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 mandates the bank or any financial service provider to notify the financial consumer or a person that borrowed the money of any change they are intending to make and the period in which such changes will commence. This notification is given in a period of 30 days and in case the borrower is not contented with the changes, he or she has the right to terminate the contract and to move away at no cost for such relocation.
Further 𝗔𝗿𝘁𝗶𝗰𝗹𝗲 𝟭𝟬 𝗼𝗳 𝗟𝗮𝘄 𝗡° 𝟭𝟬/𝟮𝟬𝟬𝟵 𝗢𝗳 𝟭𝟰/𝟬𝟱/𝟮𝟬𝟬𝟵 𝗢𝗻 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲𝘀 stops the mortgagee to do any change of the loan interest without giving notice to the mortgagor and such change has to be in line with the mortgage contract. Changing or undertaking rate modification in the loan contract is strict bared by the law. 𝗔𝗿𝘁𝗶𝗰𝗹𝗲 𝟭𝟴 𝗼𝗳 𝗟𝗮𝘄 𝗡𝗼 𝟬𝟭𝟳/𝟮𝟬𝟮𝟭 𝗢𝗳 𝟬𝟯/𝟬𝟯/𝟮𝟬𝟮𝟭 𝗥𝗲𝗹𝗮𝘁𝗶𝗻𝗴 𝘁𝗼 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 expressly prohibits charging interest, fees and financial service charges without any disclosure to the financial service consumer or the borrower.
The legal implication of stopping the bank from altering with loan agreement is aimed at protecting the borrower or financial service consumer and hence limiting the banks or any other financial service provider from using their powers over the borrowers.