A homeowner who is going through the mortgage modification process may wonder if they are have to accept the first offer from the bank. Homeowners are not obligated to accept the first offer from the bank, but if the homeowner does reject the offer, then the application will be closed.
Typically, homeowners who choose to apply for and qualify for a mortgage modification will be given one offer by the bank. This offer usually is a “take it or leave it” offer. Homeowners or professionals who are representing the homeowners are not able to present offers to the bank, and there is no back and forth negotiation over the terms of the modification.
The Mortgage Modification Center
If you would like assistance navigating through the modification process, please reach out to the Mortgage Modification Center for your free initial consultation. Attorney John S. Simonian has helped numerous applicants through their mortgage modifications, and may be reached at (401) 467-7998. Please visit Attorney Simonian’s website for more information.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.