Broken Mortgage Modifications: Remodification
Many homeowners are continuing to struggle financially and often find themselves behind on payments even on modified mortgages. Continued difficult economic conditions or even isolated events can cause 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.
To learn more about how to fix your broken mortgage modification, contact the experienced mortgage modification attorneys at the Law Offices of Neil Crane. Call us today at 203-230-2233 or toll free at 1-888-249-3027. You can also complete our simple, online Contact Form for a prompt response.
Modifications can be legally reinstated
Good news: Nearly all modifications are new and legally binding documents that override and control the original mortgage relationship. This provides borrowers with significant legal rights and obligations that bind all future banks or servicers, even on assigned mortgages. 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.
Read Your Modification Carefully. Seek Qualified and Specialized Legal Counsel. At the Law Offices of Neil Crane, we have been assisting clients across the state with the proper and lasting modification of their mortgages. Call us for a free consultation at 203-230-2233 or toll free at 1-888-249-3027.
Fixing A Broken Mortgage Modification
What can you do if you fall behind on a modified mortgage?
Missed payments or late payments can cause a modified mortgage to go into default or foreclosure, but that doesn’t eliminate the advantages of the modified mortgage or the terms of the modification. Falling behind or missing payments creates a mortgage arrearage, but the terms, reduced interest rates and advantages of a modified mortgage can be legally reinstated through proper payment or legal process, including Chapter 13 repayment plans.
Fixing a modified mortgage is most often a much better alternative than seeking to re-modify an already modified mortgage. All modifications are difficult, and re-modifications can be close to impossible.
If you fall behind or miss payments on an existing mortgage or a modified mortgage, seek legal advice. Mortgages and modifications provide the borrower with various legal protections under State and Federal law. These options don’t require the consent or agreement of your bank or servicing company, but you need to know your legal rights. We’ve fixed hundreds of mortgages throughout Connecticut.
At the Law Offices of Neil Crane, we specialize in solving all types of mortgage problems. Call us at 203-230-2233 or toll free at 1-888-249-3027.
Does my mortgage modification control future banks or servicing companies if my mortgage changes hands or is sold or assigned?
The simple answer is YES. New holders or servicers are legally bound by the terms and conditions of a properly modified permanent modification. A permanent loan mortgage modification is a legally binding new mortgage with terms that control and override the original mortgage. These terms will always obligate any future holders or servicers of your mortgage.
Be careful about your payments when your mortgage changes banks. Many transfers result in payment processing problems between old lenders and replacement lenders. Payments can be misapplied, returned, or late processed, causing improper mortgage defaults, late charges and credit reporting problems. Problems with escrow payments, insurance payments, and proper allocations to principal and interest can occur each time a mortgage changes hands.
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.