Mortgage Modifications: Problems
By Kurt O'Keefe, Detroit Consumer Attorney on Feb 16, 2009 in Uncategorized
One of the many problems with Mortgage loan modifications is, the mortgage company virtually always forces homeowners to give up their rights, under consumer protection laws, to sue the mortgage company.
In other words, say there were Truth in Lending law violations committed against you by your mortgage company.
Now, in order to avoid foreclosure, you sign a modification agreement that gives you some benefit.
One term in that modification agreement will require you to give up any rights to sue the mortgage company for any reason.
Fannie Mae and Freddie Mac have stopped requiring these clauses in their mortgage modifications.
But worse issues remain.
Watch out for those ads, avoid bankruptcy, prevent foreclosure, we can help!
If it sounds too good to be true, it is.
Like, that secret the credit card companies don’t want you to know!
There is no secret. They want your money, up front, of course.
Hustlers, con men, crooks, promise they know the secret to force your mortgage company to change the terms of the loan.
And, if that doesn’t happen, they will buy your house and sell it back to you.
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