THE LOAN MODIFICATION LIE
Recently a homeowner told me they were talking to their bank who agreed to give them a temporary three month
trial period with reasonable payments they could afford . When they recieved the papers they questioned the wording
. It looked like they had to make temporary payments for the amount they were behind , PLUS their same normal
payment they had each month before their problem . They were assured over the phone to just make the new payments .
Attached ( In the FAQ section,bottom ) you will find the wording the BANK used . What this does is give them legal leverage
to show you didn't live up to the new
plan plus they receive 3 months of payments from unsuspecting homeowners who really believe their
problem is solved ...in addition the bank begins the foreclosure process by sending legal papers to you.
YOU MUST ANSWER THEM FORMALLY THRU THE COURTS ... when you only pick up the phone to talk to
the customer service department and are assured of your "plan" or assume that you are in a trial period with your lender ,
you lose some legal rights.
Don't ignore the documents ... time
goes by and you lose some legal rights.
According to recent reports, 15% of all homeowners recieve a good viable Loan Modification.
