Many homeowners continue to get the run-around as they look for the elusive loan modification from their lender. A loan modification is simply a new mortgage that will help borrowers reduce their sizable monthly payments by reducing the interest rate or extending the length of the loan. Getting a loan modification can take months. Borrowers have complained that banks are unresponsive, lose paperwork, or brush them off telling them they "don't qualify" for assistance. Even though lenders can choose to help bail out taxpaying homeowners and modify a loan on their own, whether or not the borrower qualifies for the government's Making Home Affordable program, it appears they aren't doing so.
Read about Weston, FL attorney Kraig Weiss and his wife, Ana, who are living their own loan modification horror story. Earlier this year, they agreed to a loan modification with Bank of America, only to have the bank rescind the offer. Kraig and Ana sued. Now the bank is moving toward foreclosure, even though they are making mortgage payments. Read more about their situation here.
Despite all the rallying cries of foreclosure help by the banks, people actually losing their homes say they're being met with a different reality. Instead of help, they get the run-around. The Consumer Warning Network's Angie Moreschi reports on the frustration and road-blocks homeowners face when they try to negotiate with their lenders -in this case EMC/Chase.
Unsure what you can do to fight predatory practices? Need to talk with experts?
Come to the Consumer Empowerment Conference & EXPO in Hollywood, FL on Saturday, November 21st at the Crowne Plaza Hotel at 1:00 pm. Meet with your advocates and learn how to protect yourself against financial predatory practices. See PDF or feel free to email me directly questions. More details tba soon.
Read about Weston, FL attorney Kraig Weiss and his wife, Ana, who are living their own loan modification horror story. Earlier this year, they agreed to a loan modification with Bank of America, only to have the bank rescind the offer. Kraig and Ana sued. Now the bank is moving toward foreclosure, even though they are making mortgage payments. Read more about their situation here.
Despite all the rallying cries of foreclosure help by the banks, people actually losing their homes say they're being met with a different reality. Instead of help, they get the run-around. The Consumer Warning Network's Angie Moreschi reports on the frustration and road-blocks homeowners face when they try to negotiate with their lenders -in this case EMC/Chase.
Unsure what you can do to fight predatory practices? Need to talk with experts?
Come to the Consumer Empowerment Conference & EXPO in Hollywood, FL on Saturday, November 21st at the Crowne Plaza Hotel at 1:00 pm. Meet with your advocates and learn how to protect yourself against financial predatory practices. See PDF or feel free to email me directly questions. More details tba soon.
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I almost fell for a scam that my friend got caught up in. She paid almost 2000 to help her get a loan modification. It didn't sound right to me and I didn't have the money to begin with so I opted not too. I am still waiting to hear back from my bank but the more I read online the more it sounds like I could be waiting a while. hum, doesn't it make you think about what would have happened to the banks if we made them wait for us to help them? I wish this attorney good luck and hope he turns around and will use what he learned to help the rest of us.