Loan Modification Q&A - Top 10 Questions Answered- Question #2 - Will my bank include late fees in my Loan Modification?
The banks know that when they are dealing directly with the homeowner they have a huge advantage over them. They may decide to give you a take it or leave it solution. Don't take it! I wouldn't!!!
Why shouldn't you accept it? Well, what you should know is that the late charges that have built up should be disregarded by the bank (or lender) at the time of the loan workout.
Please Note: This can vary depending on the nature of your loan or loans (if you're holding a second mortgage). You should, every time without exception, ask for (don't demand) a full rundown and explanation of all charges and fines from your bank. You need to get as much information as possible upfront or you will not be succesful when renegotiating the terms of your loan.
If you missed the previous post Question# 1 - What exactly is a loan modification? click here
If you have any questions on how you can prepare yourself and be in the best possible position to potentially save hundreds, maybe even thousands of dollars from your mortgage, please call me directly at 646-294-2561 or email me at ProRealtor@verizon.net I will be happy to answer any of your questions.
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #2 - Will my bank include late fees in my Loan Modification? All Rights Reserved.
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