MODIFICATIONS NOT ALWAYS WHAT THEY SEEM

We have been telling our Florida foreclosure clients and prospective clients to be wary of modification plans they might be offered from the bank. We have seen some modifications that take the amount that the borrower is in arrears (the delinquent amount), and simply tack it on to the remaining payments. This is not a modification that would actually help the borrower – what the borrower really needs is likely a reduction in the rate of interest and the amount of principle owing. More and more people are requiring of some sort of assistance in this regard, and it is questionable if the banks are following through.

When people come to The Ticktin Law Group because of an impending foreclosure, or because they have foreclosure questions (the timeline for foreclosure, how foreclosure works), the lawyers at The Ticktin Law Group give an honest assessment of their situation.

Often, a borrower visits our Florida law firm because they were working with the bank on a modification, but the bank continued with the home foreclosure process. Sometimes, the prospective client even tells us that they were asked by the bank to send their financial information multiple times as the bank seemed to lose their documentation.

When dealing with the bank, even if you think that the foreclosure process has been stopped (because “someone at the bank told you that”), you still need to make sure that your rights are protected. Oftentimes, the bank and its lawyers do not communicate properly, and an otherwise unsuspecting borrower who thinks the bank is working with him, unknowingly finds himself wrapped up in the foreclosure process.

A person having questions about how foreclosures work should see an attorney at The Ticktin Law Group to make sure that their rights are secure.