QUESTION

I'm in a loan mod. process. A sale date has been set for 3 30 2011. Can they go ahead with the sale while I'm in review ?

Asked on Mar 02nd, 2011 on Real Estate - Alabama
More details to this question:
I'm in a loan mod. process. A sale date has been set for 3 30 2011. Can they go ahead with the sale while I'm in review ?
Report Abuse

1 ANSWER

Real Estate Law Attorney serving Anniston, AL at Isom Stanko & Senter, LLC
Update Your Profile
In light of the date you have recited, I think your question is probably moot by now.  But if the matter is still pending, I'm afraid the information you have given is not sufficient to give a meaningful response.  By saying you are in a "loan mod process", I understand you are in the process of modifying your loan.  If that be the case, there is no sale involved!  Let me guess:  Are you saying your loan is in default and that you are trying to get the lender to modify the loan amount or interest rate -- and now you have learned that the lender is going forward with foreclosure?  If that is your situation, I believe the lender is entitled to enforce its mortgage terms any time that its loan goes into default.  A borrower has no "right" to compel a lender to refinance, or to otherwise compromise its rights under the Note and mortgage that was put into place earlier.  If it chooses to modify some or all the loan documents, that is a benefit to the borrower, but there is no requirement that it do so.   
Answered on Jan 03rd, 2012 at 12:27 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters