Homeowners Going To Court Over Loan Modifications
This to me reminds me of mortgage professionals, you can always find someone who will tell you they can get you a mortgage. The same seems to be holding true for those homeowners who hire attorneys and are taking their mortgage servicers to court because they “deserve” a loan modification.
I know the process can be very frustrating and many feel they aren’t getting the help but do they deserve it? Correct me if I am wrong but don’t you have to sign a Note at closing agreeing to repay a loan based on certain terms? You sure do. I think, for the most part, the only people who really deserve help are those who lost their jobs or took large pay cuts.
The problem is that everyone thinks they deserve a modification and the banks are so backed up. Many who don’t deserve them have gotten help I am sure.
The Wall Street Journal reported that “Later this month, the administration will begin requiring mortgage servicers to provide borrowers with more specific information as to why their modification request was denied. It has also ordered the companies to create an appeals process.” Now that makes a little bit more sense. We will see.