We File Lawsuit for Clients Who Are Facing High Interest Rate

Mortgage companies sell loans to other lenders all the time – it’s a common occurrence in the banking industry. Your mortgage debt may be bought and sold multiple times during it’s course, but things don’t always go smoothly especially for homeowners that were in the loan modification process when the loan was sold. For homeowners who have submitted loan modification paperwork, and fought to lower their monthly mortgage payments, having their home loan sold during this process often results in more than just headaches.

Many homeowners report that they have made trial payments on a loan modification, on time and in full, but the new lender has no record of these transactions. It’s easy to understand how paperwork and records can be lost when being transferred from one lender to another, but it’s unfathomable that the banks sometimes choose to simply not honor the modification. If your original lender offers a loan modification, the new lender must honor the agreement.

When the new lender does not honor this agreement, confusion and frustration often ensue. What do you do if your mortgage company tells you that you have to go back to making higher payments, and that if you don’t they will foreclose on your home?

Documentation, Documentation, Documentation

Unfortunately, having a new lender lose paperwork, and deny a promised loan modification is far too common of an occurrence. In most cases, homeowners have documentation confirming loan modification trial payments, or even a permanent mod. These documents become very valuable if your new lender won’t honor the loan modification that you were offered, and can help you win a mortgage litigation case against them if necessary.

The ramifications for the homeowner, if denied a promised loan mod, are that their monthly payments will most likely go back up to rate that they cannot afford. The very rate that they were trying to escape. Our real estate attorneys can help homeowners get the modification that they were promised. The process of doing so becomes much easier when the homeowner has sufficient documentation regarding the loan modification from the first lender.

Start Making Lower Monthly Payments Now

Fighting the bank to get your loan modification approved – even if you’ve already been through the process with your previous lender is nothing but frustrating. Many times, these large corporations won’t even bother to take your call if they know that you want to get a loan modification that you were promised. Instead, call a mortgage attorney at Consumer Action Law Group that will fight for your rights, and get the loan modification you were promised confirmed once and for all.

We File Lawsuit for Clients Who Are Facing High Interest Rate
Rate this post
More from Mortgage Attorneys
Back to Top