Legal Question in Real Estate Law in Illinois

My parents put in for a loan modification a while ago and during that time paid only 1000.00 every month on there mortgage rather then there 1400.00 but the bank never notified them of there not being enough payment or anything, what could they do.


Asked on 3/31/10, 6:32 pm

1 Answer from Attorneys
Frank Vosholler Law Office of Frank L. Vosholler III

Within the trial modification contract there was a clause which stated they can make a trial loan modification payment at a lower amount, but doing so would cause negative impact on there credit report for making less than a full payment.

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Answered on 4/06/10, 7:28 am


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