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Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16547
Experience:  Experienced Licensed Attorney / Real Estate Law Mentor
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I have a notarized bank mortgage loan modification agreement

Customer Question

I have a notarized bank mortgage loan modification agreement for a monthly amount of principal and interest of $692 a month but the month statement is asking for $1147 per month. Do they have to honor the $692 a month?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Alex Esquire replied 8 months ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Was the mortgage loan modification agreement signed by a mortgage bank representative?

Please provide me with more details.

Thanks.

Customer: replied 8 months ago.
It is a signed and noterized agreement by mortgage bank representative and me.
Expert:  Alex Esquire replied 8 months ago.

Thank you for your follow up.

Did you contact your mortgage bank to inquire as to why you are receiving a statement for $1,147 instead of $692?

Customer: replied 8 months ago.
No, I received it over the weekend, will be contacting them Monday morning but wanted to be prepared.
Expert:  Alex Esquire replied 8 months ago.

Thank you for your follow up.

How long ago was your loan modification agreement approved and signed by the bank?

Customer: replied 8 months ago.
The date on the letter of fully executed agreement for records in 8/10/2016. The loan modification agreement is dated June 28, 2016.
Expert:  Alex Esquire replied 8 months ago.

Thank you for your follow up.

Generally, it might be possible that the mortgage bank simply has not updated your mortgage account in their system, and that is why a mortgage statement showing original payment amount, before the monthly payment was reduced by the modification agreement, so the best thing to do would be to have the copy of fully executed mortgage modification agreement ready and to call the mortgage bank tomorrow morning and hopefully the mortgage bank will be able to update your account and to provide you with an updated statement showing the correct amount of monthly payment.

I wish you the best of luck!

Expert:  Alex Esquire replied 8 months ago.
Expert:  Alex Esquire replied 8 months ago.

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