Broken mortgage modificaitons: Remodification
By Neil Crane of The Law Offices of Neil Crane LLC posted in Mortgage Modification on Monday, November 16, 2015.
Despite a recent increase in the number of mortgage problems that have been modified, persistent difficult economic conditions or even isolated events cause many homeowners to fall behind or miss payments on already modified mortgages. Any homeowner who's gone through the difficult and extremely stressful process of dealing with their bank or servicer on a mortgage modification knows the horrors of having to remodify. Remodification always involves new contacts and new parties at the bank and often involves dealing with a new bank or a new servicer as modified mortgages are sold or assigned.
Good news: Nearly all modifications are new and legally binding documents that override and control the lender/borrower relationship. This provides borrowers with significant legal rights and obligations that bind all future banks or servicers, even on assigned mortgages.
Read Your Modification Carefully. Seek Qualified and Specialized Legal Counsel.
You have a right to decelerate and repay broken modifications. All bank modifications can be restructured to repay past due balances under State and Federal law. Chapter 13 bankruptcy provides three-to-five year repayments on broken mortgage modifications.
To learn more about how to fix broken mortgage modifications, contact the Connecticut remodification attorneys at the Law Offices of Neil Crane for a free consultation. We can be reached at 203-230-2233 or toll free at 1-888-249-3027.