Dangers of the Mortgage Modification Process

While everyone wants a lower mortgage payment, the mortgage modification process is rife with dangers and pitfalls. Modifying your mortgage often means risking your family’s home. Be certain that you understand all of the risks involved and don’t ever try to modify your mortgage without the experience and assistance of an expert mortgage modification attorney. America’s Mortgage Modification Initiative has been hugely unsuccessful. Banks and servicers don’t care about your home, your family, or your future.

The mortgage modification process has a number of substantial risks, many common mistakes are made by families seeking modification without the benefit of legal counsel. At the Law Offices of Neil Crane, we have saved thousands of Connecticut homes. Let our knowledge and experience guide you through the mortgage modification minefield. Call us at 203-230-2233 or toll free at 1-888-249-3027 for your free consultation today.

Common Mistakes in Mortgage Modification

Nearly all homeowners without the benefit of experienced and specialized mortgage attorneys make the same common mistakes, including:

Missed Monthly Payments are the greatest danger to successful modifications and the leading cause of lost homes in Connecticut. Missed payments create big back balances, including late fees, default charges, home inspection fees and forced insurance. These back charges or "arrearages" are due at once on demand. If your bank doesn’t modify your mortgage, missing payments will cause you to go into foreclosure. Missing payments means that even modified mortgages will have high monthly payments as back balances are jammed into the remainder of the loan.

Lack of Savings creates an inability to catch up on payments missed during the modification process. Families who miss payments never save the money. Over 30 years of experience saving homes shows us the people who don’t make mortgage payments never save the money they don’t pay on the mortgage. Failing to save missed payments is the biggest mistake made by homeowners seeking modification. Missed mortgage money is spent on everything imaginable, from food to car repairs to wasteful credit card payments. Unfortunately, even the best reasons never matter, as missed payments get spent and arrearages build to unmanageable amounts.

Bank and Servicer Incompetence is rampant throughout the mortgage modification process. The result of government initiatives and bank-run modification has been massive home loss across Connecticut. The President, Congress and the Treasury Department have allowed banks and servicers to run incompetent modification departments, whose ineptitude is continuing national news. Over 70% of all modifications in Connecticut are denied and nearly 100% are terribly delayed. Connecticut homeowners without specialized legal assistance are always at the complete mercy of underfunded, undercaring, unprofessional banks and servicers.

Delay in Modification is rampant and well-reported throughout the entire modification bureaucracy. Banks and services are renowned for lost paperwork, slow responses and a complete lack of effort. Delay is deadly to homeowners as missed payments accumulate, fees build, savings dwindle and homes slip into foreclosure. Bank and servicer delays have undermined the entire modification process throughout America, since the programs first started in 2009.

Seek Prompt and Experienced Legal Assistance

Lack of legal representation causes lost homes as inexperienced homeowners experiment with their family homes. This continues to occur despite the success that can result with the help of specialized representation by experienced mortgage modification legal experts. Unfortunately, homeowners continue to go it alone, despite the extreme importance of foreclosure mediation success and the availability of qualified and affordable legal counsel.

At the Law Offices of Neil Crane, we’ve been saving homes since 1983. We’ve learned quite a lot in over 30 years of experience with banks and bank attorneys. To learn more about how we can help you modify your mortgage and save your home, call us at 203-230-2233 or toll free at 888-249-3027 for a free consultation.