Sunday, July 5, 2015

What Can Go Wrong if I Sign a Loan Modification Agreement without a Proper Review?

Question: I purchased my home in 2007. I lost my job in 2009 and did loan modification on my home. The loan modification got finalized with my bank in June 2013. They could never get the docs right and I had to sign twice. My credit history was damaged because it looked like I didn't make any payments for all these years. Now they are sending over a representative to have me re-sign these documents years later due to their mistake. I have not signed as of yet as I have a lot things going on, but they are threatening to foreclose on my home. I made all my payments and I am not behind. Should I hire a lawyer? I feel like I am being harassed.

Response: Have you seen the new loan modification agreement? What kind of mistake? When you signed the original loan modification, there may have been a part to the loan modification agreement regarding errors and omissions and if you signed that, then you agreed to future changes. You may need to get an attorney to see if the claimed mistake is harmful or beneficial to you. Unfortunately, as far as your credit is concerned, before the loan is current via permanent loan modification, you are considered to be in delinquent, hence, the negative credit reporting.
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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