Source: http://EzineArticles.com/7518437
Saturday, March 16, 2013
Mortgage Loan Modifications - Some Banks Are Not An Interested Party To Your Mortgage
Mortgage Loan Modifications may be illegal, because the bank servicer or Trustee does not have the authority to give a mortgage loan modification as third party debt collectors. Mortgage loan modification refers to the changes that are made to the terms and conditions of the mortgage loan, outside the original note and mortgage contract terms that have been agreed upon by both the borrower as well as the original lender. In this type of loan modification there are some potential drawbacks to the process as well which the homeowners may face.
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