Upside Down Mortgage

Loan Modification Stories

Question: In CA, I am considering using an agency called Advocate for Fair Lending who will sue my lender.?

I have already attempted to modify my loan with the lender but they have declined it. THe person assisting me has suggested the this agency who will sue the lender. The basis for it will be partly due to any irregularities in the loan I made with them and in refusing to adjust my loan as the lender stated the reason for declining the modication was because of the low value of my property. I'm concerned in going thru with this as the lender has all of my financial records via the request for modification process and do not want to be counter sued or whatever because of this. While they sell the benefits of suing the lender I just feel like I should cut my losses. Any advice or stories?

Answer: As you are aware, you are open to a counter suit, and fraud is the most likely thing you will be accused of. If you were completely honest this will be OK, but many people are not really all that honest when it comes to money.

The other issue to keep in mind is that this law suit will show up on your credit report, all future potential creditors will know that you are likely to sue them as well.

What is really disturbing is that you seem to be perfectly aware that this law suit is false, that the lender did not do anything wrong.

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