I have a Mortgage being served by PHH , used to be Ocwen ... According to PHH my loan Matures on 2035 on a 30 yr original loan....but, according to my credit score accounts... this was a 40 yr loan...I ordered an amortization table from PHH , which I received, and it shows that in 2035 , I still owe a Lot of money....
I do know that I refinanced about 10 years ago , when i was about to foreclose it....
PHH can not give me any paperwork from that refinancing, and Ocwen , I believe doesn't exist anymore...
When you were about to go into foreclosure and your lender helped you-did your payment change to a lower amount? if you did a loan modification to help you out then that relief you received wasn't just wiped away it was added to the back-end of the loan hence your 40 year mortgage.
I have seen an amortization schedule for one of those 40 year loans the amortization schedule is horrendous. At year 30 when the loan matures, there is a balloon payoff amount due.
If you have one of these then you need to do whatever you can ASAP in order to refinance that beyotch so that you can begin generating more equity with your monthly payments. you might be fortunate if your home value has increased but you need to research refinancing out of that loan program now.
I will do it ASAP..thanks god I recently noticed... i have better credit now...we 'll see what we can acomplish.
Thanks all for your great help