But if my inbox (which is stuffed) is any indication, the troubles with loan modifications are multiplying across the country as home prices continue to sink.
Several weeks ago, President Obama called in the top mortgage lenders for a meeting and reportedly told them to get on the stick and do more loan modifications. The lenders sitting at the table reportedly said they’d do 500,000 loan modifications. The real question is how quickly will they do them? And will borrowers have to take a hit on their credit histories and credit scores until the loan modifications are in place?
This is an excellent article, but the whole concept is ridiculous. I can’t believe this guy is telling homeowners to keep on sending in the payments, and don’t worry until you get a foreclosure notice. Where is the accountability on the part of the banks? All mortgage payments should be forgiven until the banks get their sh!t together. This is just sick, imo.