BEWARE THOSE LOAN MODIFICATIONS
For information about luxury real estate in Los Angeles, Orange County, and coastal San Diego homes for sale, call Bob Cumming, Keystone Group Properties, at 310-496-8122. Keystone Group Properties services buyers and sellers of distinctive Southern California real estate from Newport Beach to La Jolla to Beverly Hills.
BEWARE THOSE LOAN MODIFICATIONS
The lenders are holding questionable if not worthless paper. One is validating a debt that he or she likely does not have anymore or at least has substantial offsets against as soon as one signs the modification. One is validating a security instrument (mortgage) that was most likely destroyed in the securitization process.
Unless one gets all the terms one wants, do not sign the modification. Consult with your real estate attorney. As a minimum, one also needs to protect themselves from later claims as it relates to a break in the chain of title caused by securitization. It is suggested one acquire new title insurance, conduct a quiet title action in the courts or perhaps do both.
Engaging a competent attorney and law firm is paramount to the success of securing a loan modification that meets your short term and long term needs.
