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.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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How Can I Catch Up on My Delinquent Mortgage?

Question: I am several months behind on my mortgage. Can a bank foreclose on me if I make one complete mortgage payment a month and try to catch up little by little? Also, what if I can pay the principle and interest but not the taxes and insurance that are lumped into my loan payment?

Response: Generally, after you missed a full payment, the bank can send you Notice of Intent to Accelerate the loan or 90-Day Demand letter with the date by which the payment is due. The bank cannot commence its foreclosure action for at least 90 days following such letter. Most banks will not send it right away, so foreclosure will not typically begin for longer than 90 days. If you enter into an official repayment plan with your bank, then they will not commence foreclosure but if it’s just your plan to gradually pay the servicer bank, the servicer may still refer you to foreclosure. I would definitely recommend contacting your bank because there are numerous options that could be explored that could help you avoid foreclosure (loan modification, repayment plan, forbearance plan, etc.). As for the 2nd question, your taxes and insurance are part of your monthly mortgage payment so by not paying your escrow, your payment is less than full and may be placed in a suspense account; then, once there is enough money in suspense, then it is applied towards the missed payment but late fees and penalties will continue to accrue on the loan. If there is just an escrow shortage (as opposed to intentionally not paying escrow), then the servicer can divide the payment over a number of months, usually 12 to become current.
 
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.

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