Mortgage Modification Problems in Orlando Foreclosure

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As an Orlando foreclosure attorney, I know that there are a lot of mistakes that banks can make, from mortgage servicing and loan modification to the way that the bank handles a foreclosure.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)

Mistakes to Look for with Mortgage Modification

Any number of things can happen when you start changing the structure and rules of your loan, but below are some of the most common problems that we encounter.

Phantom default notices. If you have worked out a deal with the bank and gotten a loan modification, how can you be in default? You are not in default, but it is not uncommon for people in this situation to receive notices that tell them otherwise.

False balance sheets. Sometimes the finances of restructuring or modifying a loan and what you have to pay seems to confuse people at the bank. You might receive wildly inaccurate statements that say you owe far more – or even less! – then you should because you are paying a new amount.

Collection attempts. At least one lawsuit was said to have a bank call center employee who was ready to testify that their coworkers received bonuses for talking to people undergoing mortgage loan modifications and convincing them to pay more than they actually owed.

Putting Homeowners into a Temporary Modification Only to Boot Them Out. Many homeowners have signed up for a temporary loan modification and started making payments only to be strung along by the bank. Sometimes after making three, six or nine payments, the bank will inform the homeowner that they do not qualify for a permanent loan modification. Unfortunately by the time homeowners find out that they do not qualify, they are deprived of valuable cash, they have signed documents waiving their rights or they have lost their court case because they thought they no longer needed to defend themselves.

Mortgage Modification Errors: Even Though They Are Wrong, You Cannot Ignore Them

People have ended up in foreclosure and had their homes sold because they did not take action. Talk to a lawyer as soon as anything out of the ordinary happens with a mortgage loan modification or a foreclosure. Be prepared to fight Orlando foreclosure and protect your rights.

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