Know These Shocking Truths BEFORE You Pursue a Loan Mod! [part 2]

November 26, 2010 at 8:19 am , by Russell Bradchulis

In addition to the confusion caused by not knowing who actually owns the note is the banks’ infamous ability to lose paperwork and payments. At any point the bank can claim that the homeowner has missed a payment–even if they actually DID make the payment–and then begin foreclosure proceedings right where they were when they started the loan mod. What’s worse is that the homeowner actually waives their right to foreclosure defense, meaning they essentially give up any argument against the bank foreclosing on them if they default. The homeowner is basically paving the way for the bank to take their house without any recourse.

Read Part 1
Stay tuned for Part 3!

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