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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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My Loan was Modified and 9 Payments was made to the Bank.

Customer Question

My Loan was Modified and 9 Payments was made to the Bank. The Bank then Cancelled the Modification and move to foreclose. Can I get my payments refunded.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Roger replied 8 months ago.

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

Generally, no, the money paid toward the loan modification is not refundable. The only exception would be if the modification agreement provides that the funds are refundable if the modification is cancelled.

Expert:  Roger replied 8 months ago.

Also, it is likely best if the funds aren't refundable because it will reduce your exposure to a deficiency judgment if the property sale doesn't generate enough money to pay off the loan in full.