Foreclosure defense lawyer reinstitutes modification - banks sells loan and new servicer files notice of default

February 21, 2011

After being denied a home-loan modification, our homeowner was hanging on for dear life when Citi Mortgage called last year out of the blue and cut his payment in half as part of a trial modification program. When next he heard, he had been kicked out of the program and had 30 days to come up with $15,000 or risk losing his home.

Last week our foreclosure attorneys in Miami told the first half of this story on our Miami Foreclosure Lawyer Blog. We left off as our homeowner hired a lawyer.
253947_buried_alive.jpg
As the illegal and unethical allegations of banks continue to come to light amid criminal investigations in all 50 states, we urge those dealing with foreclosure issues to consult a law firm experienced in mortgage foreclosure defense.

Once the homeowner profiled in the FDL New Desk story was informed his bank had canceled his unsolicited trial modification without warning -- and that he would lose his home if he didn't come up with $15,000 in 30 days -- he finally sought the assistance of a lawyer.

The lawyer sent a letter to Citi demanding to know why he was dropped from modification. A Citi representative then called the homeowner and said "Ok, now you have an attorney ... what do you want?"

In July 2010, the specialist reinstated the modification. However, he wanted a re-documentation of income. Two days later, the homeowner found out the mortgage had been sold and was now being serviced by Saxon Mortgage.

Saxon began chasing him for delinquent payments. Eventually, a voice on the phone says they have details of the 16-month saga and promises everything is fine. Two months later, Saxon drops him from the modification program.

This month, they notified him they would no longer accept his payments and were proceeding to file a notice of default. He should have hired an attorney from the very beginning, which may have saved all the time, money and heartache this case involves.

If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact Bruce Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 358-7991.