Revoked Loan Modification

MY MORTGAGE CO. APPROVED ME FOR A LOAN MOD AND ASKED FOR 3800 IN CONTRIBUTION FEES IN WHICH I HAD TO PAY IMMEDIATELY ,THAT WAS APRIL 16TH 2009,THEY TOLD ME MY MORTGAGE PAYMENT WOULD BEGIN JUNE 1ST 2009 AND I WOULD BE PAYING 1623 WITH A 4.62% RATE. I WAS ECSTATIC ,AS ANY ONE WOULD BE BUT MY SITUATION HAD WAY MORE SENTIMENTAL VALUE THEN ANYTHING ELSE! MY FATHER IS THE ORIGINAL HOME OWNER AND HE WAS SUDDENLY KILLED IN A HIT AND RUN IN SEPT AND I BEING THE ONLY CHILD  AND THERE BEING NO SPOUSE,I WAS THE ONLY HEIR OF THE ESTATE. I LIVED WITH MY DAD WHEN HE WAS KILLED ALONG WITH MY 4 CHILDREN, APPROXIMATELY 2 WEEKS AFTER I PAID THE CONTRIBUTION FEES THEY TURN ON ME AND REVOKED THE LOAN THAT WAS ON MAY 1ST 2009,THEY NEVER SENT ME A LETTER OR ANY NOTIFICATION ,THE ONLY REASON I BECAMR AWARE OF THIS IS BECAUSE I CALLED THEM TO MAKE SURE THERE WAS NO MISTAKES OR ERRORS ON WHICH OFFICE I WAS TO SEND MY 1ST MORTGAGE PAYMENT TO,,I MEAN I WAS ACTUALLY CALLING THEM TO PAY MY MORTGAGE PAYMENT IM SO GREATFUL I DIDNT JUST SEND IT LIKE I WAS GONNA DO,,I KEPT HAVING AN INNER VOICE TELLING ME TO CALL,IM SO GLAD I DID!THEY TOLD ME IT BECAME REJECTED BECAUSE THEY MADE AN ERROR,IM NOT ON THE LOAN WITH MY DAD IM JUST THE HEIR AND THE PERSONAL REP OF HIS ESTATE. THEY HAD TO OF KNOWN THIS BEFORE THEY AGEED TO A LOAN MOD AND SENT ME ALLL THE PAPER WORK TO SIGN AND COLLECT ALMOST 4 THOUSAND DOLLARS FROM ME!I CALLED TO ASSUME THE LOAN AND WAS TOLD I COULD BE PUT ON THE LOAN WITH MY DECEASED DAD HOWEVER THE LOAN HAD TO BE BROUGHT CURRENT AND THE LOAN IS NO LONGER CONSIDERED CURRENT NOW THAT THEY ARE REVOKING THE LOAN MOD APPROVAL! IS IT TRUE THAT I CANT GET A LOAN MOD WITH OUT BEING IN THE LOAN? THE MORTGAGE COMPANY SAYS AFTER THEY CLEAR MY RECORD OF THE LOAN MOD THEY CAN OFFER ME A REPAY PAYMENT PLAN,,THERE IS ABSOLUTELY NO WAY I CAN AFFORD EVEN 1 MORE DOLLAR A MONTH ON THESE MORTGAGE PAYMENTS!IVE HEARD AMERICAS SERVICING COMPANY DOESNT EVEN REALLY EXIST ON ANOTHER BLOG ON THIS SITE AND WELLS FARGO AND ASC ARE MY SERVICERS !
 
WHAT CAN I DO TO HOLD ONTO THE ONLY PART OF MY DAD I HAVE LEFT AND THE ONLY ROOF I HAVE FOR MY KIDS TO SLEEP UNDER AT NIGHT?CAN I CLAIM BANKRUPTSY FOR THE ESTATE OF MY DAD SINCE IM RESPONSIBLE FOR THE DEBT? PLEASE HELP,I COULD BE ON THE STREET IN A MATTER OF DAYS IF I DONT FIND A LOOP HOLE OR A WAY TO STOP THESE COLD HEARTED PREDITORY ANIMALS!  THANKS CINDY

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Hi Cindy,

This post is a warning to all seeking loan modifications that lenders can’t always be trusted.  You’ll need to talk to a bankruptcy attorney about the application of bankruptcy to your situation.  With limited exceptions, normally, the mortgage lender gets paid back all of their money in a Chapter 13 and a Chapter 7 results in liquidation of the home.

Thanks for the questions and for highlighting an often repeated and ugly theme amongst mortgage servicers.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.