I Am A Wreck Over This!!! Help!!!

[luvthesea89]

What is the name of your state? Pennsylvaniaundefined To make a long story short...My mortgage company did a modification on our mortgage due to facts that were deemed fraudulent. They reduced our balance by half, reduced our interest rate, and did away with a crazy balloon payment at the end of the term. All this was satisfactory and papers were signed for the agreements on Feb. 2 of this year. I make my first new payment to them on March 1, and approx. one week later, I rcv. a letter in the mail saying that they are going bankrupt and a new company would be taking over as of May 1. They then proceeded to tell me in the letter that my loan modification was going to be deemed null and void!!! They filed for the bankruptcy on January 21 and they are trying to tell me that this is not a legal binding deal????? I called the new mortgage company to inquire on my balance and things, come to find out that they then tell me that the house is going into foreclosure. WHAT ARE MY OPTIONS????
Frustrated and going nutz

 

[seniorjudge]

What is the name of your state? Pennsylvaniaundefined To make a long story short...My mortgage company did a modification on our mortgage due to facts that were deemed fraudulent. They reduced our balance by half, reduced our interest rate, and did away with a crazy balloon payment at the end of the term. All this was satisfactory and papers were signed for the agreements on Feb. 2 of this year. I make my first new payment to them on March 1, and approx. one week later, I rcv. a letter in the mail saying that they are going bankrupt and a new company would be taking over as of May 1. They then proceeded to tell me in the letter that my loan modification was going to be deemed null and void!!! They filed for the bankruptcy on January 21 and they are trying to tell me that this is not a legal binding deal????? I called the new mortgage company to inquire on my balance and things, come to find out that they then tell me that the house is going into foreclosure. WHAT ARE MY OPTIONS????
Frustrated and going nutz

I suspect the trustee in bankruptcy made the mortgage company rescind that deal.

The only way I know out of this is to make your payments.

Stand by to see if anyone else has any advice.