Tuesday, February 26, 2013

Foreclosure after Bank's Refusal to Honor an Executed Loan Modification

Question: My bank refused to honor a signed loan modification offer that was presented about two years ago. We fulfilled all obligations, returned all paperwork and made payment via cashier's check. We have not heard from the bank and now they claim the loan modification offer did not receive final approval and are threatening to start the foreclosure proceedings. We have made all payments on time. Do we need to retain an attorney and will we need to sue them?

Response: It is very likely that when you received a loan modification, it was given prior to stringent requirements that are taking place now. Banks used to give out loan modifications like candy and then deny everyone. Most people then had to reapply for a loan modification once the bank was able to verify all the necessary documents. Have you tried reapplying for a loan modification? It is likely that they could review you again and grant a loan modification this time around. If not, even if the bank commences a foreclosure action, you have good arguments for the court, which will most likely take your side and will exert pressure on the bank to enforce the loan modification or grant another one since the bank is not acting in "good faith."

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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