New York Mortgage Modification Mess
Here’s how bad it is out there. I have a client who had his house foreclosed on about two months ago. I called the bank to see if we could possibly circumvent any deficiencies without filing for Bankruptcy. The Bank claimed the home was not foreclosed. I faxed the bank papers from the foreclosure sale, signed by a referee. The Bank claimed the house was not foreclosed. I spoke to a manager for some time…who agreed that the house was foreclosed upon after making sure I wasn’t “duped” by the paperwork which was signed by a referee and filed with the court. The manager then asked me if my client wanted to modify his mortgage. I explained…calmly…that my client no longer owned the house, as it was foreclosed upon and someone else now lived there. The lady took a pause….a long one…and said…”lets see what we can do about keeping your client in this house.” Folks, this thing does not get better for a while.