Quote:
Originally Posted by Bring_Back_Shantz
A courtesy letter, written in a professional, matter of fact tone, advising someone that the contract they signed, that included the risk that their payments might go up has now reached a point where that exact scenario is happening?
The horror!
The Bastards!
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I wouldn't be so sure there was any mention of a "trigger rate" in the commitment letter they would have signed up front. I imagine it must be mentioned somewhere in their disclosure docs, but I don't think this possibility was as plainly obvious as you think.
This is the difference between an
adjustable rate mortgage vs
variable rate mortgage. In this case, it was a true VRM, where payments are static...until the trigger point is met.