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Loan Modification Process Under Scrutiny?
It has been the intent of this blog to assist individuals on both sides of the housing market, whether they be searching for short sale help, trying to sell their distressed homes as quickly as possible, or simply trying to get their hands on newly renovated homes. That being said, our eyes are quickly drawn when we witness such major issues in the home-hunting market:
Read an article this morning that’s imperative to owners of distressed homes on consumeraffairs.com. According to the article by Mark Huffman, loan servicers have been violating the rules and it’s been severely damaging the integrity of the foreclosure process. And according to Huffman, the next thing that may come under high scrutiny is the much contested loan modification process.
From the article:
Lawsuits have proliferated this year, filed by homeowners desperately trying to hang onto their homes, and who say loan servicers lied to them, gave them erroneous information and lost their paperwork as they tried to modify their loans.
San Francisco’s Housing and Economic Rights Advocates, a legal services group, has sued JPMorgan Chase, accusing the bank of exploiting homeowners with trial modifications, only to foreclose on their homes.
The government-backed modification effort, the Home Affordable Modification Program (HAMP), launched in April 2009, has encouraged lenders to help struggling homeowners avoid foreclosure. About 1.4 million homeowners have entered the program but only 500,000 have emerged with modified mortgages. The rest? Most have lost their homes to foreclosures.
To read the entire article by Mark Huffman, CLICK HERE.
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You can skip to the end and leave a response. Pinging is currently not allowed.Posted on: Monday, November 8th, 2010 at 3:01 pm
Posted in: Foreclosed Houses, Uncategorized, renovated homes
Tags: distressed homes, short sale help