Question: I am a mortgagee, who
entered into a
loan
modification agreement and believed in all matters
pertinent to it. After I made a couple of scheduled
loan
modification payments, the mortgagor disclosed to me
an astronomical deferred interest amount I owe that was
not disclosed in the
loan
modification agreement. The same mortgagor was also
working with me on a cash for deed transaction and then
all of a sudden I found out that the mortgagor sold the
note to another company. What are my rights in this
case?
Response: I would check the
loan
modification agreement to make sure that the
deferred or balloon payment was truly not disclosed in
the
loan modification agreement. Balloon payment is a
very common tool when
modifying the loan because it helps decrease the
monthly payment significantly and because most people
are less concerned about 30-40 years from now (which in
truth is the point of the balloon payment—to help people
with the payment now). I have seen
loan
modifications where the specific balloon amount is
not disclosed but I have not seen one where it would be
omitted altogether. Most
loan
modification agreements have a balloon disclosure
even if it’s not applicable so I would double check
first. It is a very normal practice amongst servicers to
sell the note so that it’s not shocking whatsoever. You
can still negotiate the cash for deed if the new
servicer provides such option.
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.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
modification,
making home affordable, hamp, mortgage modification, harp refinance,
making homes affordable, modifications, home affordable modification
program, home affordable refinance program, hamp program, home loan
modification, loan modification guidelines, foreclosures, foreclosure
listings, foreclosure homes, mers, foreclosure settlement, foreclosure
homes for sale, free foreclosure listings, foreclosure home, deed in
lieu of foreclosure, foreclosure process, how foreclosure works, home
foreclosure, foreclosure radar, bank foreclosure, home foreclosures,
foreclosure listing, hud foreclosure, foreclosure laws, short sale vs
foreclosure, stop foreclosure, totally free foreclosure home listings,
foreclosure help, free government home foreclosure listing, free listing
foreclosure home sale, free foreclosure listings with pictures, fannie
mae foreclosure, independent foreclosure review, lawyers, power of
attorney, personal injury attorney, attorneys, power of attorney form,
durable power of attorney, power of attorney forms, criminal attorney,
attorney search, medical power of attorney, free power of attorney,
bankruptcy attorney, power of attorney template, power of attorney form
download, durable power of attorney form, free power of attorney forms,
general power of attorney, free printable power attorney form, lasting
power of attorney, tax attorney, free power attorney forms, divorce
attorney, ace attorney, disability attorney, attorney jobs, enduring
power of attorney, attorney at law, patent attorney, free power of
attorney forms to print, real estate attorney, injury lawyer, personal
injury lawyer, defense lawyer, criminal defense lawyer, the lawyer,
accident lawyer, a lawyer, criminal lawyer, motorcycle accident lawyer,
rocket lawyer, bankruptcy lawyer, divorce lawyer, ask a lawyer, find a
lawyer, lawyer referral, car accident lawyer, family lawyer, lawyer
search, lawyer find, lawyer ratings, lawyer referral service,
immigration lawyer, dui lawyer
