Historically when mortgage companies have reduced monthly payments in loan modifications to help people facing foreclosure save their homes, they have done it by either reducing the interest rate or extending the remaining period of time over which the mortgage was to be repaid. Several times congress has sought to change the law and give [...]
Foreclosures are having a disastrous impact on our large cities. Many of us have heard how they have decimated Detroit. Yet it is hard to picture how bad the problem is by just reading about it and not actually seeing firsthand what is happening. When the problem strikes closer to home, then we can really [...]
It never ceases to amaze me. Here we are in the second year of this foreclosure crisis. We have heard these horror stories of how people who are facing foreclosure have been taken advantage of by their mortgage companies. They have filed applications for loan modifications. Their mortgage companies take forever to review them. The [...]
Prior to elections every year we hear politicians putting their own spin on the truth. Well, let me tell you – mortgage companies are doing it too. If you read the posts on this blog regularly you know that I have been very critical of Bank of America’s performance in the Making Home Affordable Loan [...]
Jude Elliott and Joanne Hexom are at the end of their rope. Their mortgage company, JPMorgan Chase, is not helping. They have owned their home in California for eight years. During that time they made every monthly mortgage payment on time. Jude had been a speech and language pathologist in a local school district until a severe medical [...]
