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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 24406
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I have been paying on my home now years and I still owe more

Customer Question

I have been paying on my home now for 11 years and I still owe more on my home than originally borrowed. I got my loan modified once. Help.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Would you mind sharing with me what your question is? How long ago was the loan modified? Is the loan in default?

Customer: replied 1 year ago.
Loan is up to date. And it was modified in 2008.
Customer: replied 1 year ago.
Can I use and do I have a case?
Customer: replied 1 year ago.
Can I sue and do I have a case?
Expert:  RealEstateAnswer replied 1 year ago.

So what is it that you want to do? A case for what?

Customer: replied 1 year ago.
My loan amount not going down and misappropriation of payments being sent.
Expert:  RealEstateAnswer replied 1 year ago.

In a situation like this, a borrower first wants to speak with the lender and make a demand for the payment history, for the life of the loan. Then, you need to cross reference what they have, with your payments and see where the payments are being applied to, if there is a claim that they are not applying the funds currently. The loan amount may not be going down, if this modification was interest only or structured in a way to keep the payments down but the equity the same, with only the interest being paid off or a portion there of. Of course, since the last modification was 7 years ago, you can speak with the lender and see if they would agree to another loan modification. Since there is no equity in the home, you can not refinance it, so you need to see what type of modification you were previously given and see if they would agree to a new one.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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