Re: loan modification
Posted by NJD on June 27, 2008 at 04:59:32:
In Reply to: loan modification
Posted by jorge on June 26, 2008 at 18:24:29:
The answer to your question, if there is a question, depends on the individual borrower's circumstances, the specific loan, and the type of relief offered by a loan modification.
Simply because the lender may offer a repayment plan or reduce the interest rate or increase the length of time to repay the loan ... and it seems terrific... it may not be in your best legal or financial interest.
If your loan transaction has predatory characteristics, or was made in violation to Federal Truth in Lending Laws... the offered loan modification may require you to waive your legal right to sue the lender....
You should have an attorney, your attorney, review any contract involving your home before you sign it.
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