When MC lost his second job he had trouble affording his $3,000 mortgage payment. He called his mortgage holder, Flag Star Bank, asking for a break, but the bank told him there was nothing it could do for him unless he skipped payments and submitted a loan modification package.
Can you tell where this is going? MC went along with the scheme, then discovered the bank was foreclosing on him. He writes:
Back in November of last year I called my bank (Flag Star Bank) on several occasions and asked them to help me due to I was paying 3000.00 per month in mortgage and I couldn’t afford to continue that payment after loosing my second job. I was told on two separate calls that there was nothing they could due until I was late or my loan was delinquent. I told them that I didn’t want to have late payments reported to my credit and they informed me that there were several programs to help and all I had to do is miss some payments.
Read more from the Consumerist