The Daily Item, Sunbury, PA

Business

July 1, 2013

Real estate Q&A: Lender won’t recognize borrower’s loan modification

QUESTION: Nine months ago we received a loan modification, but our bank later sold the loan to another lender. We have continued making timely payments, but the new lender won’t recognize the modification and has been sending us threatening letters. We have called and explained, to no avail. What can we do to fix this?

-Sally

ANSWER: Banks often sell loans to one another, and each sale can be an adventure for the borrower. The most important thing that you can do is send in your payments on time and document all communication that you have with your new lender.

You should send the bank a copy of your loan modification paperwork by fax or certified mail - and be willing to send it again and again, if necessary. Call often, getting the names of the representatives you speak with and writing down what they tell you.

Always stay calm and polite, no matter how frustrating this experience can be. At the same time, don’t be afraid to be persistent. Also, keep in mind that the problem could be different than what you originally thought.

For example, you may think the lender is just ignoring the modification, but instead the issue may be that the bank doesn’t have your insurance information and bought you a new policy, which caused your monthly payments to rise.

You should be able to get this resolved on your own. But as long as you document everything, your lawyer will have the tools he or she needs in case it comes to a lawsuit.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program. Send him questions online at http://sunsent.nl/mR20t7 or follow him on Twitter GarySingerLaw.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.


 

1
Text Only
Business
  • The Color of Money: No easy way to get out of debt

    Many people who are deeply in debt are desperate for a quick fix. They ask the question: What can I do to get out of debt?

    July 21, 2014

  • Watercooler: When to speak up if you see problems down the line

    Q: Our organization has hired a new director. I am one of a number of division heads; above us, there's the associate director, and above him is the director. The associate director is feared and disliked for his duplicity and dictatorial nature, though few have come forward because of his vindictiveness.

    July 18, 2014

  • Career Coach: Bringing a purpose-driven spirit to work

    Increasingly, religious beliefs and practices of employees are becoming more evident in the workplace. Religious diversity and concepts of spirituality are more prevalent in organizational settings.

    July 18, 2014

  • Ask the Mompreneur: It’s best to farm out your payroll

    When my husband and I hired our first employee at our Web development company, we had it easy when it came to doing payroll.

    July 17, 2014

  • Protecting against unnecessary losses

    QUESTION: I run a small bar and grill which is open 7 days a week and have to rely on others for some of the shifts. How can I ensure employees have not become my partners?

    July 17, 2014

  • A checklist for keeping you focused at work

    A quick check of Facebook and next thing you know, a half-hour’s passed. Start chatting with a co-worker and suddenly 20 minutes is gone and the report you were supposed to finish by lunch is late.
    Workplace distractions are everywhere, especially in an age of social media and open-plan offices. In the face of so much temptation, accomplishing what you’re paid to do can be tough.

    July 16, 2014

  • It could be time for a career coach

    Need a little help figuring out your next career move?
    If you’re putting in the hours and still not seeing the rewards, feeling undervalued or simply striving to be more successful, it may be time to hire a career coach.

    July 16, 2014

  • Your Office Coach: Turn to boss for help with disgruntled underling

    QUESTION: When I joined this company a few weeks ago, I discovered that the person who previously held my position is now working for me. “Sarah” obviously resents my presence and frequently says I don’t have the authority to manage her, even though I clearly do. Her negativity has made my job much more difficult.

    July 15, 2014

  • You are not trusted

    If it seems like employers don’t trust employees - well, they don’t.

    July 15, 2014

  • The Color of Money: Beware of loan-modification scammers

    There are some good things going on in the economy these days. Just like temperatures across the country, the stock market has been hot lately. The economy added 288,000 jobs in June. The unemployment rate dropped to 6.1 percent. Yet there are still plenty of Americans who need financial help, especially with their mortgages.

    July 14, 2014

Business Video
Stocks