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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111605
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you very much for your answer. I understand the situation.

Resolved Question:

Thank you very much for your answer. I understand the situation. The reason I asked the question is that first, the email proposal was coming from a BBVA Compass loan officer himself who knew us (my husband and I) very well. It was not a generic email but a personal one redirecting us to another BBVA loan modification officer. Secondly, at that time of the loan modification process, in February, March & April, BBVA Compass was trying very hard to make us pay "late fees" of $485 for two supposedly "delayed" mortgage payments, one for August 1st 2011 and the second for May 1st, 2012. Those "late fees" appeared on the BBVA online loan account only, never on their paper mailed account statements. I started using the online loan banking in February 2013. Before Feb. 2013, BBVA Compass never notified us of those "late fees" charges. I spent a considerable amount of time (fortunately documented) in February, March & April of this year, to have those "late fees" charges cancelled. Recently, after May 1st, I read again the email from the first loan officer, Scott Sandefur, to realize we were mislead by the woman Shara Plummer, second loan officer, he referred to us directly via his email. Since the beginning of the mortgage loan with BBVA Compass bank, back in January 2011, time we purchased the house, even though the monthly payments were always made on time, it has been a nightmare dealing with them. Are there any ways, we could amend the loan modification agreement? Isn't BBVA Compass liable to produce a reason why they have increased 0.25% the initial proposed interest rate? I thought that, per law, we had a 30 or 90 days period trial after a loan modification process was in place, to fully accept or refuse the new contract.
Submitted: 3 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 3 years ago.
You are welcome.

Your trial period depends on whether or not your modification was done under the government Homes Affordable program or not. It it was there is a trial period during which time you or the lender can decide to cancel the modification, but you are going to have to read your modification contract regarding the trial period and cancellation guidelines and time periods because they can vary based on the lender and amount of loan. Also, with any loan, there is a 3 day right to rescind the agreement in writing and if you are within that 3 days you can cancel the mortgage by federal law .

The amending the agreement would have to be based on mutual agreement with the lender. Also, they do not have to provide the actual reason for changing the rates, but most lenders will tell customers as part of doing good business.



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