Defaulting on a loan despite making payments?

Signing a loan agreement can be daunting. All the papers are put in front of you at once and you hear “sign here and here, and initial there” over and over again. But you sign, and you start making payments and forget about all the signatures. Then, even though all your payments are made on time, a letter comes in the mail that is titled “notice of default” and you begin to panic.Your interest starts to increase on your account, and you cannot get a straight answer from the bank on why. After months of paying a payment with a higher APR rate and not getting an answer you find out that there was a term in your contract making you responsible for a detail you never knew existed. Because this detail was neglected, you are now in a default status with your loan, and your payments have increased.If you have been contacted because of default, especially one that you are unfamiliar with, do not hesitate to contact the attorneys at the Rosenberg Law Group! We will be happy to review your case with you and consult about your options to settle or defend against the alleged debt.