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Problems plague the Home Affordable Modification Program, centerpiece of the nation’s $75 billion foreclosure prevention effort.
Shortly after Michael and Elisha VanHorn moved to Matthews from New York in 2007, he began struggling to breathe. By last May, he could no longer work. The couple have been trying to get a mortgage modification to save their family’s home.
She got help, then foreclosure
‘An endless déjà vu of hell’
Effective last week, mortgage servicers licensed by North Carolina are prohibited from pursuing foreclosure while working with a homeowner on a modification. The new rule does not apply to Bank of America, Wells Fargo and other servicers not overseen by the state.
Often, servicers pursue foreclosure while considering a modification. That can add a lot of fees and other expenses to the homeowners’ tab. The dual-track approach also has resulted in unnecessary foreclosures.
Read more: http://www.charlotteobserver.com/2010/06/05/1479578/false-hopes.html#ixzz0qApLPIqo
