SUBMITTED BY NY
Problems with a Loan Modification:
- The borrowers will think they are modifying their current loan when in fact they are starting all over again.
- The Foreclosing entity which lacks standing to bring lawsuit, is not authorized to modify anything since they are not the owner of the loan in question.
- Since the real parties in interest are no where to be found, they are taking it upon themselves with the help of their lawyers to steal your property.
- The borrower is actually getting a new loan which may enjoin borrower from rescinding new transaction.
- The foreclosing entity is STILL not using their own funds to modify (new loan) loan. They are getting funds to lend borrowers through Federal bail outs, insurance proceeds and believe it or not Investors. [same process]
- Their lawyers are not acting in a lawyer’s capacity but as BROKERS; [middlemen] they are getting paid…
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