Legal Question in Credit and Debt Law in California

No, if they actually offered you a modification and you accepted by signing off and sending them a check and making payments. From your situation however I would ask if you sure that the first offer really was a complete modification? From our experience the banks put you on a 3 month trial payment plan and then at the end of the plan they are supposed to give you a mod but a lot of times they review the situation. In other cases especially where Indy Mac is a servicer or lender they pretend to do a mod, send you an offer that really isn't an offer but looks like one. After you send everything thing in then they say oh this is what we are offering you now.

If you would like please give me a call to discuss the details as I would like to know some more information and see your documents before I could really tell you what is going on. I won't charge you anything to talk to you.

Besides all that whether or not the terms are any good use the following guideline. If your mortgage is less than $729K then your payment which includes principal interest on the first your property taxes and insurance and homeowners association fees, if any, should be between 31% and 38% of your gross income not what you actually take home.

If it is in that range it is an acceptable offer and you should be able to afford it according to the government.