LOAN MODIFICATION'S DEADLY TRAP - FORECLOSURE

Many of our clients  had received phone calls from their ‘lender’ (before they were clients) who at the time  sympathized with the fact they were behind on their mortgage payments. These folks are  often told there is a solution for their problem. The lender then proceeds to give the client a long drawn out procedure to follow. At this point, the client has stopped making mortgage payments all together because they were instructed to stop making payments by the lender while going through the loan modification process. Most people place a lot of weight on their advice; after all ‘the lender’ loaned them the money originally. During this time clients are jerked around for about a year or longer. Until the day comes when the client receives a piece of Certified Mail – Foreclosure Notice which states that said lender who had been cooperating for so long is now foreclosing on their home. This is a common story and has become a very big problem. Although some loan modifications are successful and do bring relief to individuals it is important that you do not stop making your mortgage payment under any circumstances while submitting the applications and necessary documents. Avoid having to file a Chapter 13 bankruptcy to save your home from foreclosure and remember “If it sounds too good to be true, it probably is.”