If I am working with a home specialist trying to get a loan modification with my mortgage company, can the lender still sell my house?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I am working with a home specialist trying to get a loan modification with my mortgage company, can the lender still sell my house?
Asked on March 12, 2012 under Real Estate Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The mortgage company is not bound by anything the home specialist does or says unless and only if the home specialist is an employee of the mortgage company and makes representations or promises within the scope (or at least the apparent scope) of his or her authority. Therefore,
1) If the specialist is not an employee, the mortagage company can clearly foreclose on and sell your home if you're in default; and
2) Even if the specialist is an employee, unless he or she actually states that the foreclosure or sale will be halted while working things through with you (and no more senior person contradicts or rescinds that statement), the company can still foreclose and sell--a mortgage lender is allowed to continue with foreclosure or other legal action even while talking to/negotiating with you, unless (as noted) it specifically represented that it would not.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.