Knows About Modifications wrote:
Your post contains so little meaningful information, that ANYONE at this site who tries to give you counsel is basing it on incomplete information
You mention that you have been fighting HomeEq for two years, but it is unclear as to whether (a) you are already in default and/or foreclosure, Yes we are in forclosure, went to mediations several time and then to magistrate for basically more modification.
(b) whether you are operating under the protection of a Bankruptcy Court, NO
(c) the relative amounts of the outstanding mortgage balance and the present market value of the subject property, mortgage balance would be around 180,000. Value of property 115,000.
(d) the direction of market price changes in your area and the velocity of the price change (prices are still FALLING in most areas of the country), prices are falling
(e) the present terms of the mortgage which you find to be oppressive,The amount down and what the total value would end up being. Never would recover. After 5 yr we could never afford a payment based on the balance
(f) the alternative terms presented by the proposed loan modification.NONE, next step will be going to summary judgement?? Just tired of paying attorney fee's and life being upside down.
You are RIGHT to look at the proposal with great skepticism. Most loan modification proposals REQUIRE that you waive all of your rights to the fraud within the mortgage origination, the mortgage servicing fraud to date and any other claims you might have against the mortgage originator, investor and servicer.
Very often, the loan modification is merely a PRELUDE to the coming foreclosure. They get you to WAIVE all of your rights and then still find a pretext to foreclose AFTER the modification agreement is signed.
Unfortunately, there are only a handful of consumer debt attorneys who really have the knowledge and skill to stand up to the servicer and get you a good deal. Hopefully, you have found one of these.
Given that Forum participants CANNOT PRACTICE LAW and do NOT have the facts that you have presumably shared with your attorney, I would encourage you to REVIEW the many other general posts on loan modifications and to very carefully review the proposal. I would write down the Pro and Cons of the modification. I would even suggest that the attorney expain to you briefly IN WRITING why HE THINKS that this modification agreement is a GOOD IDEA.
In the end, I think that you probably need to FOLLOW YOUR ATTORNEY's ADVICE. If you do NOT feel comfortable with this advice, you need to find and use a different attorney!