Mortgage Forum

Joel Fraser

We have received modification papers from Wilshire. Although they have reduced interest rate from 6.980% to 5.98%, which will help us a good deal, yet this is only for 36 months.Furthermore, the wording in the paper work makes my hair stand on end.Please read following, and please advise. I know you cannot give legal advice, but please, please help us, as we cannot afford lawyer.My concern is the following:(9) As consideration for the modification made herein, Borrowers, on behalf of themselves, their heirs, executors,administrators and assigns, hereby, jointly and severally, knowingly and voluntarily, release, discharge and covenant not to sue Wilshire, any servicer of the loan, any owners of the loan, and any of their predeccessors, successors and shareholders from any and all claims, demands,liabilities,defenses,setoffs,counterclaims ,action and causes of action whatsoever kind or nature,whether know or unknown whether legal or equitable, related or connected in any manner to the note or deed of trust/mortgage, which the borrower have or may have through the date of this agreement.I take it, that we are signing away our legal rights, according to the above reference.I am gun shy after being taken at the bait and switch tactics at the closing two years ago.Furthermore, I was told on phone by loan officer, not to send in May 08 payment, yet we now have a statement stating to months. although they have not charged me a late fee, I don't trust these people as far as I can throw them. Please help.