A forged signature on a loan modification can create a lot of issues. You could find yourself in trouble with your lender for not meeting a loan agreement that you didn’t actually sign.
If you believe your signature’s been forged on a loan agreement, taking action as soon as possible is important. The longer you wait, the more difficult it may be for you to reduce the negative impact of the loan modification on your personal finances and credit history.
Contact Denbeaux Law today to learn more about how we may be able to help you with a forged signature on a loan agreement.
Loan Modification Forged Signature
A loan modification changes your existing loan agreement between you and your lender. If your signature was forged on a loan modification, it’s a fraudulent agreement. You shouldn’t be held to a forged signature on a contract.
However, you will be held liable for the loan modification and repayment terms unless you contest the contract and prove that your signature was forged. If you or someone else on the loan fails to make payments, the home will be foreclosed on. The damage to your credit score and finances can be irreparable in that situation, even though you never agreed to the loan modification in the first place.
Loan Modification Signature Requirements
With a forged signature on a loan modification, you will have to prove that the signature isn’t yours and that you had nothing to do with the loan modification. If you can’t prove that the loan modification was a forgery, you may find yourself stuck with the agreement.
A bank can’t enforce an agreement that they know is fraudulent. Both parties need to have valid signatures in order for an agreement to be valid. Banks have requirements for signature requirements that help prevent loan modification forgeries, although these don’t always prevent forgeries from happening.
How do Loan Modification Forgeries Happen?
Forged loan modifications are a lot more common than you might think. They are most commonly done by close friends or family members who might know financial information about you and your home.
Forgeries usually happen when someone close to you who has access to your information is facing a difficult financial situation, such as foreclosure or financial hardship.
Some common examples of relationships where forgeries occur are ex-spouses, spouses, children, and other close relatives. However, not all forgeries are committed by someone you know.
Proving a Forged Signature
Proving that your signature was forged can be difficult, but it is extremely important. You need to prove that the signature was forged in order for the contract to be invalid. Working with an attorney to help you gather the appropriate evidence can help make the process of proving the forgery easier.
Your bank may require a written statement from you with your actual signature in order to start the process of ending the forged contract. However, it’s a good idea not to go through this process on your own, as it is not in a lender’s best interest to admit they allowed a forgery to happen.
It’s common to use video recordings or surveillance cameras to prove that the signature was a forgery. If this is unavailable, expert testimony can be used. Handwriting experts can testify to the authenticity of the signature on the contract in question.
Contact Denbeaux Law Today
A forged signature on a loan modification could have a major negative impact on your life and your financial situation. If you’re unable to manage the fraudulent loan modification, you may be at risk of losing your home.
If your signature has been forged, you should contact an attorney as soon as possible. The earlier you get an attorney involved, the more options your attorney will have to help mitigate damages.
Contact Denbeaux Law today to discuss your situation and learn more about how we may be able to help you.
