An eligible homeowner will go through the process of negotiating with their lender what is called a loan modification, if they find that for whatever reason they are unable to keep up with their originally agreed mortgage agreement. A loan modification is a great way in which to reset the payment terms and amount if the homeowner has found themselves in financial hardship. Things such as:
- Lower interest rate
- Late fees or arrears can be forgiven
- You may even be given extra time in which to pay
However, if the loan modification has been put in place and either party the lender or the borrower misuses the process of a mortgage modification then either one of them can face a mortgage modification lawsuit.
If the borrower believes that they have been scammed or unlawfully treated, such as meeting all the requirements and yet still having been turned down for a loan modification, they can follow a process step by step which will enable them to sue individuals or lenders, who they feel they have been defrauded by.
Allegations against the Scammer or Lender
A lender, a financial or legal professional can have allegations brought against them, in a loan modification lawsuit. The following are just some of the reasons why:
- Your documentation has claimed to have been lost by the bank
- The initial loan was predatory
- The contract was breached
- Your home was lost due to a leaseback scheme which was initiated by the individual or business
Avoid Foreclosure and get a loan modification with lower payments.
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