I am curious to know what we need to do to FORCE the bank to make a decision about the MFA loan modification after three successful trial modifications have taken place.
In theory after three successful trial payment have been made, and if one's financial position is the same as when the trial started, then one should be able to do a permanent loan modification.
BUT with the backlog, the permanent modification can take months to authorize and then if it is declined, under the current legislation, the homeowner is then liable for the arrears in the mortgage that has built up during the trial.
What recourse other than a class action lawsuit does a homeowner have in this situation?
If anyone has an idea could you drop me a line in the comments? Or on my facebook?
Caroline on Facebook
Showing posts with label loan modification. Show all posts
Showing posts with label loan modification. Show all posts
Saturday, November 13, 2010
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