Posted on: 29th Jul, 2010 09:36 pm
I am trying to modify my loan with the bank and I have been having lots of problems. The bank put me on a trial period for 6 months and told me that my payment would be around what my trial period payment is. Once the final modification paper work came it was only slightly lower than the first payment. I called the bank and advised them that I could not afford the new terms and they advised me to return the paper work unsigned and that I did. Couple weeks later I got a statements in the mail that my payment was due. They put the modification through without my signature. Does anybody know what legal consequences the bank faces by modifying my loan without my authorization?
Hi asdorf,
Unless you agree to the modification, the lender will not be able to put it through and ask for the stipulated payments. If you do not agree to the modification, the lender will ask you to pay the normal monthly payment. As far as legal consequence is concerned, you should contact an attorney and take his opinion in this regard. He would help you know what steps you need to take.
Take care.
Unless you agree to the modification, the lender will not be able to put it through and ask for the stipulated payments. If you do not agree to the modification, the lender will ask you to pay the normal monthly payment. As far as legal consequence is concerned, you should contact an attorney and take his opinion in this regard. He would help you know what steps you need to take.
Take care.