Legal Question in Real Estate Law in California

Re: Loan Modification

I just met with a client who had the same thing happen to them. You need to read the offer - its probably not binding on the lender until you sign it and they accept your agreement. Remember that loan modifications are 100% voluntary on the lender's part, so you don't really have any legal rights when it comes to these. Have an attorney in your area review what you were given in terms of an approval - it may have been binding upon your acceptance in which case you may force them to honor their offer, but more likely than not, it wasn't binding on them until they accepted it after you signed off. Additionally, they are almost all conditioned upon three months payments on time after the offer is made.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.