All, I have clients who had an approved modification.
The term was 5 years at $1300 a month. The loan was then transferred to Fey Servicing within a year of modification. They were subsequently notified their monthly payment was changing to $2,000 a month.
They cannot afford the change and want to short sale. I'm wondering, can the servicer just revoke the modification with no reason. They definitely did not default their side of the bargain.
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Teresa, things like that are typically not okay. Many servicers get sued for reasons like this daily. Obviously I need more info, but if your client wants to keep and if the new servicer won't uphold the modification, it'd be worth your client speaking to a REPUTABLE mortgage litigation attorney.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com