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The complaints have a common tune. Homeowners say the banks are giving them the runaround — either by pledging to modify loans and then not following through, as with the Davis family, or by signing them up for the trial period and then leaving them in limbo.
“This is an epidemic problem,” said Stuart Rossman, director of litigation with the National Consumer Law Center.
Under the terms of the Treasury Department program, participating banks that offer new loan terms are supposed to put homeowners through a three-month trial period. If the homeowners make timely payments and meet other conditions, the terms are supposed to become permanent.
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