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I received a loan modification agreement, signed and notarized it, and sent it back. The payment due

I received a loan modification agreement, signed and notarized it, and sent it back. The payment due date was 11/1/2009. After they received the paperwork, I sent it certified mail and received notification that they signed for it, they tried stating several times that they did not receive it, until we finally got them to say they do have it, but we are lowering the payment by $10 and we have to send new paperwork  that I must send and notarize again. I finally received the new paperwork today and the new payment schedule begins on 10/1/2009. I called to discuss and they said I must make the payments based on this schedule. Is this legal to do? I did not receive a principal decrease just lower payments monthly and all outstanding payments rolled into the principal.  What can I do?
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October 19 2009 - Paradise Township
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The terms were 3.6interest rate over the first 5 years than 4.6 for the 6th year than 5.6 for the rest of the loan. Escrow is included for taxes and insurance, which will vary every year. I did agree with the terms figuring it is my best option, as they could have done nothing at all. The only thing I am upset about is they sent the first papers with the mod begining on NOV 1st, now after they received the paperwork,  they sent me new paperwork stating the mod begins on OCT 1st and lowered the monthly payment by $10. I did not send the payment earlier because it stated send payment by nov 1st. I could possibly end up behind on the mortgage already!
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October 19 2009

The only thing you can do is hire an attorney to handle you loan mod.  What are the specifics, do you already have a low rate, it looks like they took deliquent payments and added to principal balance.    Most people do NOT receive principal reductions, it is not the norm of a loan mod.   The only thing I can say is you can get a second option, but will need to know all your details.

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October 19 2009
If you are in foreclosure, you need an attorney in your state to help...  not enough info to know exactly how to proceed but I would just try to convince them you are ready for the plan starting on Nov. 1 and make the first payment asap if you like it..... if you do nothing, they may see this as refusing to take any offer.... sort it out in writing.... good luck
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October 19 2009
 
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I received a loan modification agreement, signed and notarized it, and sent it back. The payment due
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October 19 2009 | 3 answers
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