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Mortgage modification problems

by Chris
(Albany, Or. )

If after a re-mod the mortgage company denies me, I have to pay over $5000 in back fees and lost payments. They have told us that we must send the money certified, which I will not do because if it is lost I'm out 5k. I will be telling them I will pay over the phone and request a confirmation number after the transaction. Is that my right as a consumer? To pay in a method of my choosing? If so if they refuse to take the payment are there legal actions I can pursue?

Comments for
Mortgage modification problems

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Dec 08, 2010
 Mortgage modification mess
by: Gerri

Chris,

I'd love to be able to give you an answer, but mortgage modifications are a mess, and other than very general issues beyond our area of expertise. (We focus on third party debt collectors and the Fair Debt Collection Practices Act.)

My best recommendation is for you to trust your instincts and not send them any money without something in writing first. There are simply too many horror stories of loan mods gone really bad.

I would encourage you to reach out to your elected officials in Washington to share your complaint. They are holding hearings on the foreclosure crisis and need to hear from their constituents.

And it would also be a good idea to talk with a bankruptcy attorney so you have a back up plan. You need to know what your options are if they don't come through and you decide to move on. You may also be able to use a Chapter 13 to allow you to catch up on your payments if the deal falls apart.

We really do wish you the best of luck here and hope that things get straightened out for you.

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