Carrington Mortgage Loan Modification - What you NEED to know
The goal of every mortgage service company is to help distressed homeowners get an affordable and sustainable mortgage payment in order to save their homes from getting foreclosed on. There are establishments that are being particularly difficult to homeowners, who are making it more difficult for the homeowners to get their loan modified. The government is taking action however...
One perfect example of this is Carrington Mortgage Services. It is a company that supposedly focuses on resolving mortgage issues which includes loan modifications. However, much to the dismay of their customers, they have failed to give solutions to homeowners seeking help to save their homes. In fact, many homeowners have complained that Carrington is neglectfully not helping them when they actually qualify for a loan modification.
What has Carrington Mortgage Servicers Done To Make Loan Modification More Difficult for borrorers ?
According to the announcement of the Ohio Attorney General who has filed a lawsuit against Carrington Mortgage Services along with Ohio Department of Commerce, Carrington apparently is being sued for:
- Failing to offer immediate and fair terms to their customers so they could avoid foreclosure.
- Failing to provide copies of the modification terms to the state.
- Failing to give a loan modification in 21-days as regulated in the modification agreement.
- Failing to conduct investigations and settlements on the complaints filed by their customers.
- Failing to offer other types of loan modifications as options for homeowners to consider, therefore they are pressured to sign a loan modification that is not working for them at all.
Homeowners nowadays are grateful that the government is taking matters in their own hands. The government has imposed mortgage servicers to help homeowners as much as they could to get a successful loan modification and avoid further records of foreclosures.
It is particularly specified that servicers can sanction the following changes in their loan terms and agreements: a lower interest rate, forbearance of principal amount, capitalizeon outstanding loan and extend payment loan terms.
In response to the lawsuit filed against them, Carrington issued a statement saying that they will still continue serving and helping homeowners to get their loans modified all throughout. This public declaration compels Carrington to make true to their words. If your case is handled by Carrington and got rejected, you will probably get a better chance today.
With this development, the necessity of legal assistance has become increasingly essential in getting a successful loan modification.
