Is it possible to make the bank to change the mortgage contract?
To change the terms of ANY contract requires agreement by ALL parties to the contact. That said, you CURRENTLY miss-understand the terms of the contract. Even bub-prime mortgages use 99% IDENTICAL language and the terms you describe simply don’t exist in actual loan contracts. You can attempt to refinance if you wish, but you should START by taking your existing contract to an attorney and paying them to explain it to you.
Your best revenge. Find out when they take these quarterly payments and pay as much down on your mortgage. Clark Howard from CNN.com had a show on this. You might like to google his page to see if you can find out what he said you can do about this. I think he said nothing could be done – not sure. The banks took advantage of anyone that was not savvy in mortgage loans – a shame. You could re-fi, but you will have to pay closing costs all over again. This can easily cost 5K. Revenge is sweet – pay that mortgage down and live debt free someday.
