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Denied and Delayed Loan Modification Applications

Has your application for a loan modification been denied or delayed by your lender? It's an unfortunate reality that some homeowners desperately in need of a modification have found themselves dealing with numerous difficulties in trying to get their application approved.

Take an example of a homeowner who ended up resorting to bankruptcy because her lender never even responded to her application for a loan modification after months and months of waiting. It turns out that the lender had not received a certain financial worksheet from the homeowner, but the lender never requested that document.

Let's look at another example of a borrower who was offered a "trial period" for a loan modification by her lender. After hearing nothing from her lender for more than a month, she began calling the lender, only to find that her loan modification application was canceled because the lender claimed that she was no longer living in the property. Was this used as a delaying tactic? It's possible.

A borrower who has been having a good deal of trouble in securing a loan modification may take various courses of action. This may include contacting the Treasury Department if the lender is a national lender, or contacting your state banking and finance regulator if your lender is state-chartered. Keeping detailed notes and all relevant paperwork is crucial in filing a complaint that will have merit. It is also recommended that you involve an attorney to handle your modification for you.

The team at Jacoby & Jacoby has the experience to know exactly how to approach and carry out loan modification negotiations to avoid a wrongfully denied or delayed application. Should a lender act in a deceptive or outright illegal manner, the firm can take immediate action on a borrower's behalf.

Contact a Long Island loan modification lawyer at the firm today to discuss your case and options.


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