Remodifying an incorrect modification on a home loan?

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Remodifying an incorrect modification on a home loan?

i was told our modification of our home loan would be for 30yrs and the pymt would be $543/month, but the company sent paperwork for 15yr at $945/month. I’ve made numerous phone calls and had cases opened for review the last 3 months, and tonight i was told there is nothing they can do and won’t remodify to the correct 30 yr, $543/month pymt – this is a company that received federal funds for the purpose of remodifying existing loans – what can I do? Can i contact my state attorney general’s office for help?

Asked on June 10, 2009 under Real Estate Law, Massachusetts

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Banks are not required to do modifications; however, they are supposed to.  The banks get to choose the modification.  If you have the agreement on the 30 years in writing and signed by the bank, then i would tell you to call the banking commissioner in your state and file a complaint an a lawsuit.  I would file the complaint with the banking commissioner regardless as it does not seem right that they are doing this. 


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