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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31011
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I recently got a loan modification but it doesn't seem

Customer Question

I recently got a loan modification but it doesn't seem right. I think we were taken advantage of. During the process my husband was meeting with the bank attorney and a judge (?) at the courthouse. We had expected the modification payments to be about $1800 a month all in. However, the attorney never had paperwork with her. Even the paperwork for the trial period on this modification was a month late. We were fearful of losing our home and basically just signed when the papers arrived. Instead of the ~$300k that was spoken about for the modification, it became $495k because of fees etc that were rolled in. Our payment has become $2800 on a house worth $270k. We don't know what to do. Can an attorney help us understand if the lender did anything illegal? Is there a way out of this? Was this a legal modification?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Roger replied 11 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

Whether or not the loan modification was legal or not would require an extensive review of the documents you signed as well as the law related to this........but, it is certainly possible that something was done improperly if your loan ended up increasing by $195,000 and you didn't know it.

However, the best way to deal with this -- in most situations -- is to file chapter 13 bankruptcy and set up a payment plan that you can afford and get away from this loan modification.

Expert:  Roger replied 11 months ago.

You could get around the loan modification -- whether it's legal or not -- if you choose to file a chapter 13 bankruptcy and establish a payment plan through the bankruptcy court.