QUESTION
My loan modification is not correct, the bank wants me to sign it before they correct it . What should I do?
Asked on Oct 19th, 2012 on Foreclosures - Washington
More details to this question:
I was behind 3 month payment on my home loan. I received a modification from Bank of America and the amount I owe is incorrect and monthly payment is incorrect. I started making payments after the 3 months because we were waiting on my husband’s disability to be approve. we received it and have been making payments till now. But the bank wants for me to sign the mod and then they will adjust the escrow. Not sure what to do.
3 ANSWERS
Insurance Litigation Attorney serving St. Petersburg, FL
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Gallagher & Associates Law Firm, P.A.
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Don't sign anything until you have had an attorney review the agreement. Many modifications include waivers of rights, causes of actions and defenses. You want to make sure you know what you are giving away by signing.
Answered on Oct 22nd, 2012 at 5:04 PM
Civil Litigation Attorney serving Federal Way, WA
at
Stasch Law LLC
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If the principal and interest are acceptable, you can work with them on adjustment of the escrow. The escrow is a verifiable amount- taxes and insurance. If you decide to sign it, return it with a letter advising that the escrow amount is incorrect and needs to be adjusted. If you don't sign it, you run the risk that it will be withdrawn. If the modification- principal and interest is not acceptable, you can ask for a referral to mediation. I need more facts to be more precise.
Answered on Oct 22nd, 2012 at 5:03 PM
Criminal Defense Attorney serving Deltona, FL
at
R. Jason de Groot, P.A.
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Get to an attorney to look over the modification papers.
Answered on Oct 22nd, 2012 at 5:03 PM