Posted on: 03rd Jun, 2010 09:23 am
Me and my wife were scammed into a modification and payed out 1000.00 to get our mortgage to an affordable amount. the company told us not to pay on mortgage while working on Mod. They said bank needs to see you can't pay it. Which we really couln't anyway. It went on for about 7 months and the company closed and left town. Left us in a forclouser situation. Our own bank ( bank of America) said they would help us, they lowerd our interest rate but they add all the late chrges to, which brought our mortgage up 100.00. more a month. We felt we had know other choice but to agree with thier modification because they gave us the papers 2 wks before forclosing date. But now we are worse off because the payment are hire then before and it leaves us absolutely broke every month. My question is: Is there anyway another bank can re-modify our home to make it more affordable after we just signed this agrrement with our bank? we are still in the trial period months. Please if you could rsvp, asap. thank you.
Hi beainchrist,
It is your lender who will modify your loan. Other lenders will not be able to modify your loan to give you better terms and conditions. If you are facing hardship in paying your mortgage, I would suggest you to get in touch with your lender. Inform him about your situation and check if he could forgive the late fees or give you a principal reduction.
Take care.
It is your lender who will modify your loan. Other lenders will not be able to modify your loan to give you better terms and conditions. If you are facing hardship in paying your mortgage, I would suggest you to get in touch with your lender. Inform him about your situation and check if he could forgive the late fees or give you a principal reduction.
Take care.