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.

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