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AylaTim · May 28, 2010, 09:37 AM

A mortgage company started a loan Modification under the Obama plan, we did the trial period, made the payments, the mortgage company miscalculated the income on the final modification papers, throwing all figures off... but wanted me to sign the modification... they wouldn't/won't send corrected paperwork and after 15 months they want us to start over from scratch, not correcting their error and providing us with the correct paperwork for us to sign. What can we do? Do they have to stick to what they originally stated and gave us as far as payment?

JudyKayTee · May 28, 2010, 10:04 AM

I don't quite understand what happened. The company is claiming your agreement is invalid because of an error so they won't accept the payments you've been making AND they want a new agreement?

If the original contract/agreement was never signed there never was a meeting of the minds, you don't have a contract/agreement and, yes, you can be required to sign new documents.

An argument COULD be made by an Attorney that by accepting the payments they initiated a contract - it's a long shot, though, and you would have to pay an Attorney.

AylaTim · May 28, 2010, 11:00 AM

The mortgage company sent us the initial paperwork for a modification under the plan, we signed those, the paperwork stated that xxx.xx would be the payment and the modification would be approved if we proved all documents and made the trial period payments, That paper word was signed, sent to them and the payments made, much longer than the modification "trial period" only because they took so long to send the fianl documents, the FINAL documents were incorrect because they made and error... I requested for over 4 months for them to send the corrected paperwork, they didn't, there was a meeting of minds in the beginning and through the entore process, they just never sent the final modification paperwork and now want us to start over...

JudyKayTee · May 28, 2010, 02:13 PM

Thanks for the info - I stand by my original advice. This was a trial period to end when all documents were in order. The documents never were in order.

I think an Attorney COULD argue that you proceeded in good faith and they did not. Would it be worth the time and trouble? I don't know (plus the money).

Do you think they are inept or something else is going on? This sounds a LOT like every debt consolidation agency I've heard of.

AylaTim · May 28, 2010, 04:24 PM

No not a debt consolidation company... this is a major mortgage company, Wells Fargo. As far as being worth the time and money? Well, it is our home and due to the company not honoring what they offered after 8 months of payments and the signing of the original offer we will loose our home. I think someone in the company screwed up in the beginning and now are trying to back peddle and take back the offer. I can't decide if I should be like every other home owner and cave or spend the $ on the fight. Thanks for your thoughts.