by Moe Bedard
What we’re seeing here is the mortgage equivalent of credit-card sweatboxes: servicers who make sure to drain homeowners’ savings before they foreclose, since they know that they won’t chase homeowners after foreclosure, even in recourse states. By holding out the promise of a modification tomorrow, they make sure to squeeze every ounce of blood out [...]
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by Moe Bedard
NEW YORK — Four New York City homeowners have filed a lawsuit charging they were denied access to a federal home-refinancing program.
The plaintiffs are homeowners in Brooklyn and Queens who have mortgages serviced by Aurora Loan Services.
They are charging that Aurora denied them access to the Obama administration’s Home Affordable Modification Program without valid reasons.
That [...]
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