We have been hearing from many Houstonians lately, people who are involved in loan modifications through their banks or mortgage companies. These folks are trying to do the right thing, working to get back on track to keep their home. Yet they find out –sometimes when it is too late– that the bank or mortgage company has foreclosed on their home, despite the loan modification program.

Often the banks or mortgage companies shuttle the homeowner between departments, or submerge him or her in a bottomless ocean of paperwork. All the while, the homeowner is making payments in the belief that they are saving their home from foreclosure.

Here is just one of many heart-rending stories:

“You receive a phone call telling you that you are getting a modification contract. It arrives with instructions to have it NOTARIZED and return it by a certain date along with paystubs and/or 3 months of bank statements.

You comply. You follow the package tracking to verify delivery on time (Oh, you didn’t, oops they claim it didn’t get there on time so it was cancelled). But yours got there, now you later find that they did start processing and then you find out the date they say they finished verification of your package. They are telling you that the ‘mod’ is YOURS.

Then you just can’t get a copy of the final signed-by-the-bank copy. No word other than them assuring you, so you start making the payments per the contract. You keep trying for the final copy of that document, no luck. The mod is yours, don’t worry they continue to say and get you to pay. Then finally the ‘difference’ in what you paid and the original payments adds up to more than $10K.

Then they tell you. They had canceled the mod contract way back before you even made that first payment. You may get any number of different stories.”

If you are in a loan modification program and have your doubts, then please contact Keeling Law Firm immediately for a free consultation. Please don’t wait until your home has been sold at auction by the court. We hear from so many families who have already lost their homes, even though they were making payments. This is a very sad situation.

In Texas, the foreclosure period is very short, as little as 20 days. Please don’t wait until it is too late. Contact us now.