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Over and over again, consumers are falling for the Siren Song of Mortgage Modifications.  The bank reduces the monthly payment and the homeowner thinks they’re ok.  Problem is most Modification Agreements are silent about the most important aspects of foreclosure…principally, most agreements are totally silent about whether the pending foreclosure case will be dismissed.  But beyond that, signing a modification largely lets the bank completely off the hook…it cures all their fraud and crimes and wrongdoing…and gives the bank a very smooth pathway to complete the foreclosure when they want to.

For these reasons (and many others) consumers should be very, very wary of entering into modifications…especially since doing so eliminates so many rights…..

One Comment

  • Anonymous Poster says:

    I have never seen any settlement in any type of case without a liability waiver. This should not be surprising, and advocating not signing a mod because you cannot try (and 99.999% unsuccessfully) sue the bank later on top of the mod you got.

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