i submitting appli. for loan modif., bank just tells me i have 2 wait. I can’t make my payments anymore. What is best, loan mod, short sale, foreclo
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
i submitting appli. for loan modif., bank just tells me i have 2 wait. I can’t make my payments anymore. What is best, loan mod, short sale, foreclo
Asked on July 1, 2009 under Real Estate Law, California
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. I suggest that you wait for the bank to get back to you. If the bank is the only mortgagor then they can control what money they get and how they re-write your loan. If the bank is going to help you here and you qualify for the loan modification, then they will tak into consideration the missed payments and make up for it in some fashion when re-writing the loan.
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. I suggest that you wait for the bank to get back to you. If the bank is the only mortgagor then they can control what money they get and how they re-write your loan. If the bank is going to help you here and you qualify for the loan modification, then they will tak into consideration the missed payments and make up for it in some fashion when re-writing the loan.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.