Hi My next question is can a bank complete a loan modification without the quit-claim deed? They went about it in such a strange and unprofessional way, it's hard for me to trust them now. So in March they sent in the loan modification forms and they believed they had received a loan modification. Now all of a sudden in early May they call them up giving them 2 days notice that a quit-claim deed must be in or the loan modification is null and void. My mother was out of town at the time. First they say the loan modification will not go through without a quit-claim deed (Why they wait so late tell them? The bank says they didn't know one was needed. What???)
I ask what will happen if a quit-claim deed is not in by the short deadline. She tells me a decision will be made. That sounds like a lie because if they were claiming they could not put it through without the quit-claim deed then how can they still have the option of making a decision on the LM? If what they was claiming was true they would not have an option of making a decision on it, it would just be null and void, instantly, with no chance of making a decision. The bank lady tries to twist it around saying it's really not strange. No if I say it's strange it's strange ma'am, nobody gives short notices on big things like that. Who does that?
So we tried to get the village department to help us fill out the papers and they told us a lawyer would have to help us. They also told us money must be payed. I told the bank yesterday to make a decision or whatever because my auntie doesn't have the money right now (Last week the village told us that the procedure would cost nothing, this week we went to do it and they said Oh this is what you are doing? Yes you do need money (We had told them twice what we were doing.). My auntie spent the money because we were given wrong information that it would cost nothing. Can they mislead us like that? Of course we have no proof that they told us it would cost nothing.). I heard this morning they told my auntie that a decision was made yesterday and the building was put in foreclosure yesterday. They say when my auntie gets the money to get the quit-claim deed completed they will take the building out of foreclosure.
I heard it cost the bank a whole lot of money to start a foreclosure. Why would they do that if they no they are going to stop when they get a quit-claim deed? Are they lying? They had the Loan Modification papers since March, is all this stuff legal they are doing? We thought the loan modification was complete, we already started making payments according to it. Also, is there a senior citizen exemption from fees to get a quit claim deed processed?
Thanks,
Mark