Relevant:
- Why more homeowners aren't getting help
- U.S. consumer bureau issues rules to clean up mortgage servicing
- U.S. Regulators Zero In on Loan Servicers to Fix Foreclosures
- Analysis: American Securitization Forum Outlinines Procedures for Servicers to Follow in Streamlining Loan Modifications
- Rules for Mortgage Servicers Are Criticized as Ineffective
2008-07-03 — housingwire.com
"As the number of foreclosures continue to outpace loan workout activity, consumer groups are growing restless — suggesting that servicers aren’t doing enough to help."
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Comments:
kindandgentlejd at 01:11 2008-07-04 said:
This result is obvious. The expectation that consumers can qualify for the assistance is a dangerous road. First, if the original transaction was a stated income or similar loan, a borrower providing financial information may lead them to a fraud claim. No attorney in their right might would allow his/her client to open that door. Two, the lenders created those products and made the loan originally but will now not offer assistance unless they qualify, that is speaking out of both sides of their mouth. Third, when a consumer is 100k undewater on their property, lowering their interest rate a bit but recasting their payment higher because of an option arm provides no assistance whatsoever. Yet, they can show they tried. Right! Permalinkadd a comment | go to forum thread
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