What is the name of your state (only U.S. law)? MA
Due to a layoff and a substantial reduction in pay I applied for a mortgage modification. The process was almost comical, it took over a year of sending duplicate documentation repeatedly to the mortgage company to get approved.
I made three trial payments and signed the final modification paperwork in July of 2012. After not hearing anything for about a month I called my Home Preservation Specialist and inquired about when I should make my first payment. He stated if I didn't receive a bill my October 1st to call him back. I received nothing by then so I called him and he said he'd look into it further.
On October 3rd, 2012 I received two letters from my mortgage company. The first was a letter congratulating me on completing the modification process and that my mortgage was now in good standing. The second was bill stating I was three months behind in my payments and that if I didn't pay the delinquent amount within two weeks the mortgage would be accelerated and foreclosure would begin.
The final modification document which I signed state "I understand that the Loan Documents will not be modified unless and until (i) I receive from the Lender a copy of this agreement signed by the lender, and (ii) the Modification Effective Date (as defined in section 3) has occurred."
According to their own agreement, the loan documents were not modified until I got the signed agreement from them (which I had to call to get) which I received on October 10th, 2012. I signed the documents on July 9th, they signed it on October 2nd, 2012.
The documents did have a payment and interest section in it that stated the modified payments would begin August 1st, 2012 which I didn't catch when I signed them, mistake on my part. However, the mortgage wasn't modified until they signed it on October 2nd. How could they tell me the mortgage had been modified but, then, simultaneously, notify me that I was in default?
I understand I can't live in my house without paying the mortgage. I want to pay the mortgage. It seems to me that the mortgage company engaged in practices that are fraudulent.
Any insight in how this issue could be corrected (I would love to start paying them now) would be appreciated. Thank you in advance!
Due to a layoff and a substantial reduction in pay I applied for a mortgage modification. The process was almost comical, it took over a year of sending duplicate documentation repeatedly to the mortgage company to get approved.
I made three trial payments and signed the final modification paperwork in July of 2012. After not hearing anything for about a month I called my Home Preservation Specialist and inquired about when I should make my first payment. He stated if I didn't receive a bill my October 1st to call him back. I received nothing by then so I called him and he said he'd look into it further.
On October 3rd, 2012 I received two letters from my mortgage company. The first was a letter congratulating me on completing the modification process and that my mortgage was now in good standing. The second was bill stating I was three months behind in my payments and that if I didn't pay the delinquent amount within two weeks the mortgage would be accelerated and foreclosure would begin.
The final modification document which I signed state "I understand that the Loan Documents will not be modified unless and until (i) I receive from the Lender a copy of this agreement signed by the lender, and (ii) the Modification Effective Date (as defined in section 3) has occurred."
According to their own agreement, the loan documents were not modified until I got the signed agreement from them (which I had to call to get) which I received on October 10th, 2012. I signed the documents on July 9th, they signed it on October 2nd, 2012.
The documents did have a payment and interest section in it that stated the modified payments would begin August 1st, 2012 which I didn't catch when I signed them, mistake on my part. However, the mortgage wasn't modified until they signed it on October 2nd. How could they tell me the mortgage had been modified but, then, simultaneously, notify me that I was in default?
I understand I can't live in my house without paying the mortgage. I want to pay the mortgage. It seems to me that the mortgage company engaged in practices that are fraudulent.
Any insight in how this issue could be corrected (I would love to start paying them now) would be appreciated. Thank you in advance!
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