Nathan Reynolds is something of an expert on the government’s foreclosure prevention program. A mortgage broker who’s worked in the Chicago area since 1998, he’s seen both his business and his home’s value plummet in the past few years. After receiving his own trial loan modification from JPMorgan Chase, he’s helped others apply for modifications through the program on his own time.
But in November, after Reynolds had made trial loan payments for seven months, Chase told him his mortgage would not be permanently modified. Chase had determined that his personal financial troubles were only temporary — because Reynolds had expressed optimism that the administration’s policies might rescue the housing market, boosting his income.
That’s not a legitimate reason for a loan servicer to deny someone’s modification, according to the Treasury Department’s guidelines for the program. And Reynolds’ experience — along with the cases of two other homeowners examined by ProPublica, shows how servicers have created unnecessary hurdles that, in some instances, violate the loan program’s rules.
2 comments:
banks are not freeing up that money,with favorable interest rates as requested by administration,even if you have perfect credit.I'd like my money govt direct,screw he b.s. lending games from the banks.make stimulous money borrower direct.the hedging rates are criminal on this money.
I have a friend who has been trying for months to get a loan modification and the mortgage lender keeps telling her they do not have all her paper work even though she has sent everything they have asked for at least three times, what a stall tactic, guess you have to hand deliver it and have each document signed for before they would agree they have everything necessary!! What a crock of ...
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