Q: Can changes be made to my Loan Modification Agreement if I became unemployed in the process?
A little over a year ago, I requested a loan modification agreement while I was employed full-time. January 2015, I lost my job and filed for unemployment where I collected for 6 months until my benefits ran out. Unfortunately, I still have no job. There was a 3 month trial period, which my sons helped me pay, that was higher than expected. My attorney and the bank ensured that it would be lower with their full offer after the trial period.
I received an offer from the Bank in July to modify my loan but it wasnt any lower than the trial. I had read about the Home Affordable Unemployment Program and when I asked about it, they said it was too late since you can only file for a modification every 12 months. I was pretty much forced to sign the offer they gave me but now my attorney is saying he didnt receive paperwork for our 2nd mortgage and wants $750 to file a motion. The bank says they have sent said missing paperwork. Is my attorney trying to jip me? What should or can I do?
A: That is a tough one. It is true that you can qualify for a modification once every 12 months, HOWEVER, if there is a change is circumstances, then you could always apply again. I would call the bank and find out what your options are. If you still need help, feel free to call me.
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