Singed an Agreement

[KristiSkis]

Arizona

Hello, I am new here and am hoping someone can help me in a matter between my mortgage lender, a signed "Loan Modification Agreement".

History: In Sept., 08, my husbands salary was decreased and in a nutshell, we were unable to afford our monthly mortgage payment. Along with me not working, (due to disablilty) our interest rate increased making our monthly payment approx. 400.00 more. At the time we purchased our home in '06, we had full intentions on refinancing at the end of two years. The housing market was pretty good then.

So when we spoke with our lender about help with our loan. Either a refinance, being our first attempt. But no refinance was possible because we had a 2nd with another company and they would not subordinate the loan. So, second attempt was to try a loan modification. We could simply not afford that high of a payment. And... this is not due to us getting into a loan we could not afford. Which I've heard others having this promblem.

We finally were approved for a loan modification in January, signed the "Loan Agreement" and sent it off to the lender. With the terms in place, we made monthly payments begining in March. Each month our statement came, still with the old mortgage payment showing due. In May I decided to contact our lender to check on the status of our Loan Modification, our "Agreement". At first I was told that it was cancelled, then in the same conversation he stated that due to the change in banks, (Countrywide to Bank of America) it would take 90-120 to upload the changes. So we continued to wait. Still no change in our statements. All the while making the new monthly payments per our "Agreement". In June, a payment was returned to our bank, electronically 16 days later, which I felt was due to the new address change on the statement. I make my payments through bill pay at my bank. I immediately sent it to the correct address to only have it returned to me on the 26th, again electronically. I contacted the bank to have them tell me I was in default. I explained the situation re. the returned checks. He told me to not make another payment and that he would send to the escilations team and for me to call back within 3 bus. days. Which is what I did. Then to have another representative tell me there was a problem in our finances. Finances?

After this long introduction, my question lies on the "Agreement". Is the "Agreement" we signed legal and binding? It was signed with a notary and returned via FedEx the next day. We were under the impression it was. It showed our new monthly payment over the next 10 years and the unpaid balance to be applied to the end of our loan.

Please, if anyone can answere this I would be forever in you debt. I'm nervous, to say the least.

-KristiWhat is the name of your state (only U.S. law)?

[Ohiogal]

Without reading exactly what you signed I cannot tell you if it is valid and binding.

[KristiSkis]

Originally Posted by Ohiogal

Without reading exactly what you signed I cannot tell you if it is valid and binding.

Hello, would you mind? I understand it is difficult to say without actually reading it. My husband want to hire a lawyer because he feels it is legit.

Due to the time frame and exactly how we found out we were in default, is what really bothers me. Approximately 7 months from when we signed the "Agreement". Requested documents from bank were sent on 11/24/08. We received the "Agreement" papers on 01/21/09 and sent them back the very next day - with a signed notary. From that date until current, we had mad our payments on time. What surprises us most is that we never even got a call from them telling us we were in default. It was when I saw the electronic deposit, from bank - returning our Junes payment, that triggered my call. To say the lease I was very alarmed.

[Ohiogal]

Hello, would you mind?

No I don't mind at all.

I understand it is difficult to say without actually reading it. My husband want to hire a lawyer because he feels it is legit.

Due to the time frame and exactly how we found out we were in default, is what really bothers me. Approximately 7 months from when we signed the "Agreement". Requested documents from bank were sent on 11/24/08. We received the "Agreement" papers on 01/21/09 and sent them back the very next day - with a signed notary. From that date until current, we had mad our payments on time. What surprises us most is that we never even got a call from them telling us we were in default. It was when I saw the electronic deposit, from bank - returning our Junes payment, that triggered my call. To say the lease I was very alarmed.

You don't have a lease if you have a mortgage. Or at least you shouldn't. You need to go see a lawyer. If you don't like that answer, there is nothing we can do for you.