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I live in RI. I would like to know if there is any president…

My name is *****...

My name is ***** ***** live in RI. I would like to know if there is any president in law suites to get a judgement for a bank to eliminate deferred principle balance on a loan mod due to DPB puts house underwater. Another banking problem I have is I tried to secure a loan mod 8 years ago I have not paid any payments in 8 years. My question is the bank keep adding in the arrears to my principle balance. To me adding in the arrears is double payment. First in the princ. payment and then the arrears.

Lawyer's Assistant: Have you talked to a RI lawyer about this?

I have they tell me "That s how it's done I disagree

Lawyer's Assistant: What steps have you taken so far?

I haven't taken any steps. I was told to do another loan mod to see if they can eliminate the DPB on the first problem I told you of

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The issue of the arrears in the second case Wells Fargo delayed for years to do any negotiations.Also others issues that delayed any outcome. I just got notification that they are going forward to forclose

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Answered in 18 hours by:
3/18/2018
Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,811
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Actually, it seems what you are asking you already have the correct answer to, is it merely you are hoping there is something out there that really does not exist?

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Customer reply replied 5 months ago
I'm sorry I don't understand your answer. What do I already know?

Thank you for your reply.

You said in your post that you spoke to another RI Attorney and they already told you that this is the way it is done and you disagree, but I was pointing out that just because you disagree does not mean that is not the way it is done. The bank is not going to eliminate money that is owed and the the bank has a right to add the arrears because you owe them and have not paid in 8 years. It is surprising they have not foreclosed yet if you have not paid in 8 years.

I do not want to disappoint you if you have gone to another RI attorney and they are telling you what the law is and then you expect us to tell you differently that is all.

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Customer reply replied 5 months ago
Are you saying that the bank CAN charge me twice?When I signed the loan docs I was to pay for X amount of money for 360 months. Like I stated in my initial communication with you, due to trying to secure a loan mod with this bank and a federal law suit with this bank and a discrepancy in the land description, it took just about 8 years. As I said they are now starting forclosure process. So as an example that I believe double payments: if I payed my mortgage for 120 months and stopped (for the reasons stated above) and at that time I had a remaining principle balance of lets say $200,000, I say that I owe 240 months ($200,000) plus penalties. The bank is saying I owe the remaining principle balance of $200,000 PLUS the 240 monthly payments that I did not pay plus penalties. Aren't the 240 monthly payments that I owe or did not pay already figured in the remaining principle balance. This is how I feel I'm being double charged. If i'm wrong, please show me what I am missing

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

That is not being double charged, you are being charged the payments you did not make over 8 years, plus interest and penalties for not making the payments you did not make for 8 years. They have a right to add the arrears to your balance UNLESS the court ordered in the federal suit you had that they could not do so.

Whatever the reason you did not make the payments for 8 years, you could have put the payments in escrow with the court pending the outcome of the suit and in that case you would not be in arrears. But the arrears from not paying would indeed be tacked onto the loan, because they were payments (interest and penalties as well) that were not made that should have been made.

That is exactly how the banks do this and it is legal. The payments you did not pay are not figured into the remaining balance. If you owed payments for 8 years, those 8 years of payments are calculated into your loan as they are doing (with the interest and penalties, which can make it much more).

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 126,811
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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