Can our mortgage company negate our contract?

RC5521 · Jul 2nd, 2009, 11:53 AM

We signed a new loan modification contract last February '09. We have made our 3 months trial period pymts. March, April, May. And we have made the June and July pymts (all early).
Now the mortgage company is telling me they have negated the contract. They are re-reviewing our status and want to reapply for the Obama plan. Can they negate this contract? I have read the contract and I see nothing regarding this. the contract can only be voided if we were to default.

Jul 2nd, 2009, 01:38 PM

Sorry to hear of your circumstances. Generally, absent a default you are indeed correct that this proposed voiding of the contract certainly seems improper. The best way to know for sure is to have your situation reviewed by a real estate attorney. I would encourage you to visit the WLD main page. They have attorneys all over the country and could give you a referral. Having a lawyer review the documents -- both the original contract and the correspondence from the mortgage company -- is really the only way to go here. Hope things work out for you in this. AJJ

Jul 2nd, 2009, 11:53 AM	#1
RC5521 Junior Member Join Date: Jul 2009 Posts: 1	Can our mortgage company negate our contract? We signed a new loan modification contract last February '09. We have made our 3 months trial period pymts. March, April, May. And we have made the June and July pymts (all early). Now the mortgage company is telling me they have negated the contract. They are re-reviewing our status and want to reapply for the Obama plan. Can they negate this contract? I have read the contract and I see nothing regarding this. the contract can only be voided if we were to default.

Jul 2nd, 2009, 01:38 PM	#2
Unregistered Guest Posts: n/a	Re: Can our mortgage company negate our contract? Sorry to hear of your circumstances. Generally, absent a default you are indeed correct that this proposed voiding of the contract certainly seems improper. The best way to know for sure is to have your situation reviewed by a real estate attorney. I would encourage you to visit the WLD main page. They have attorneys all over the country and could give you a referral. Having a lawyer review the documents -- both the original contract and the correspondence from the mortgage company -- is really the only way to go here. Hope things work out for you in this. AJJ

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Can our mortgage company negate our contract?

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