Legal Question in Legal Ethics in Florida

I had a loan modification in place which included a Pay for Performance incentive,($1,000.00 per year principal balance reduction, up to five years-maximum $5,000.00) if I make timely payments which I had been and then the mortgage loan was sold to another servicer who now says they will not honor this incentive. Can the new servicer simply choose not to honor this portion of the loan that they bought?

Thank you.


Asked on 2/02/14, 11:50 am

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

The loan documents would control. They cannot choose which parts they want to honor and which parts they don't. The actual terms of the agreement should be reviewed by an attorney. The pay for performance MUST be part of the actual documents in writing to be enforceable.

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Answered on 2/02/14, 12:20 pm


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