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Mortgage Modification Agreements
Mortgage Modification Agreements: Beware the Bait and Switch
Posted by: Marlyn Wiener
May 23, 2008
I recently reviewed a proposed Mortgage Modification Agreement for a couple whose home is in foreclosure. The homeowners have been trying for over six months to work out a long term loan modification that would reduce the interest rate on their loan, lower the monthly payments and dismiss the foreclosure action. They had submitted all of the paperwork the lender required and had extensive email and phone conversations with the lender regarding the specific interest rate and terms of the modification. They were assured time after time that their request for a loan modification on the terms they had been discussing would be approved.
