On Oct 14, 10:27*am, Dave wrote:
On Tue, 14 Oct 2008 06:03:41 -0700 (PDT), said:

Dave, I'm sure you know more about the Federal and NY (and probably
other states too) banking regulations than I do.

Yes. That's why I asked the question.

I also know that NC
law *still* forbids a contractee from using a change of address to
change the terms of a contract. I know (unspecifically) that other
states have changed laws affecting this in the past 12 years, maybe
there are also Federal laws involved (other than Article 4 of the
Constitution). For example, when the bank holding our mortgage was
bought out back in the late 1990s, they sent us a very sugary letter
explaining that they were kindly NOT changing the terms of our
mortgage. OTOH I know of several people around then, and in subsequent
years, who have had resold mortgages with changed terms. Insurance and
tax escrow arrangements, for example.

Let's be clear on this. A mortgage contract is a contract. Its terms can't
be changed by just one of the parties, whether because it's been sold to a
new party for any other reason.

Sure... and we all know that praying for rain doesn't *really* affect
the weather

... What I think you mean is that the original
mortgage contract, to which the mortgagor agreed when he borrowed the money,
allowed the lender to, for example, require that insurance and taxes be paid
to the bank's escrow account

What I mean is that the while the "terms of the contract" were not
changed (cough cough), the amount of money owed somehow was different
than originally agreed to.

This happened to almost everybody I know during the past 10 ~ 12
years. It's a really surprising coincidence that it happens about the
same time that the bank sells the mortgage, doncha think?

Regards- Doug King