Stop a nonjudicial foreclosure

HAMP can stall process, but affidavit hiccup could spell doom

DEAR BENNY: I am writing to you to regarding the "nonjudicial" process of foreclosure. My wife and I received a repayment agreement for our original mortgage from a bank, whose name we won’t disclose, as part of the loan modification program. This was a result of the bank initiating a foreclosure case toward sale and the temporary suspension of the sale, because we agreed to enter the Home Affordable Modification Program.

In any case, the bank is asking us "to acknowledge that they are the legal holder and owner of the note and security instrument and further acknowledge that if lender transfers the note, as amended by this agreement, the transferee shall be the ‘lender’ as defined by the agreement." It should be noted that this is not the original bank we signed the mortgage with.

The bank also proposed a three-month trial period where we would pay a slightly lower amount for the mortgage.

We obviously won’t sign this amendment and supplement to the original mortgage until we have an attorney review the documents.