Posted on: 18th Feb, 2009 11:13 am
Lender refunded 5k payments and foreclosed. modified loan 12/08. deposited 5k check 1/29/09. lender stopped payment on 1/28/09 and applied toward balance.
Hi Guest,
After reading your post, what I could understand is that your lender had modified your loan but later on for some reasons he canceled the modification and initiated foreclosure.
While your loan was modified, I guess you had signed an agreement with the lender. Check out the agreement to find out the grounds on which the lender could foreclose your property. You can also take the help of an attorney and show him the loan modification agreement. If the agreement has no such clause, then the lender cannot stop payments on the check and suddenly foreclose your property. In that case, your attorney will be the best person to tell you what steps you need to take.
Take care.
After reading your post, what I could understand is that your lender had modified your loan but later on for some reasons he canceled the modification and initiated foreclosure.
While your loan was modified, I guess you had signed an agreement with the lender. Check out the agreement to find out the grounds on which the lender could foreclose your property. You can also take the help of an attorney and show him the loan modification agreement. If the agreement has no such clause, then the lender cannot stop payments on the check and suddenly foreclose your property. In that case, your attorney will be the best person to tell you what steps you need to take.
Take care.