Real Life Loan Modification Situations

Like Dragnet (old school) or Law & Order (newer school) we’re going to post some homeowner and loan modification related stories about true life situations with homeowners, housing counselors and the like seeking answers and help to the situations.

Like the TV programs we will give a sense of the issue and if anyone has ideas or solutions to the problem then please feel free to comment or contact us. And like the TV shows, the names (if any) will be changed to protect the innocent.

Here’s a recent scenario – One homeowner completed the three-month loan modification trial program, only to get a denial afterward.  The PMI continues to be on the payment even though her original loan did not have it.  She may consider paying up the delinquent amount and continuing making the payments but does not know want to continue paying for something that was NOT on her original loan docs.  Does anyone know if that is legal?  Can the servicer insist on the PMI even though it was not on the original loan docs?

Enter theme music.

Tune in later to find some answers….

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Filed under Loan Modifications, Mortgages

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