My BoA loan was transferred to SPS portfolio. The interest rate was over 8%. After the passing of my wife it was difficult to make payments and was threatened with foreclosure. I opted for remodification which took a long time and was told to make minumum payments at least which I complied with. Remodification finally occured at a lower rate but now I am told that because of the smaller payments I made there is a shortage and now my payments are the exact same thing as prior. I feel that this dragging out process for the loan re-modification was intentional as they frequently stated they did not get documents I had sent in. I am also concerned that my personal identity information on those documents that "were never received." Is there any legal assistance to help?
Yes a lawyer can help you but will likely require to be paid to assist. If you got a modification which it sounds like but the escrow went up, it is still possible that property taxes or insurance went up which is mainly
out of the lender's control as all modifications say the escrow is subject to change.
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This is a tough question to answer without more information. You need to see an attorney to review your documents. However, the reason why your payment went up may be because your escrow money requirement went up. Good Luck.
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