I was recently denied a loan modification for a 5th time. I am 33 payments behind on my mortgage. I want to keep the property.

Is there any options I can take to help me keep my property. I am in chapter 7 bankruptcy and I am in the process of paying all my debt in full. My debt was not discharged. I will be asking the bank to produce the original note before the property goes into foreclosure.

Nathan’s Answer

You must feel frustrated; please do not be taken in by any loan mod scams by non-attorneys who prey on individuals who may be in a tough spot. Also, when you interview attorneys, make sure to ask what their experience has been in this type of case. If anyone guarantees success, RUN AWAY.

As colleagues have mentioned, produce the note defenses are generally frowned upon by the courts. If you have money to pay all your debts in full, it is curious why the bank has been unable to work with you.

Instead of chasing the note arguments, it would be more realistic to assess whether the bank engaged in any wrongdoing, which a qualified attorney would help you figure out. If that is the case, such wrongdoing could be pointed out to the bank, and their corrective action MIGHT result in them working with you to remedy their wrongs.

If all else fails, you may be looking at having to short sale the property, or exploring a deed in lieu.


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