homeowners have lost homes while being told they are being considered for a loan modification: Homeowners have lost homes while being told they are being considered for a loan modification," the report notes.
- 01/20/10 10:31 PM
70 percent of modifications result in an increase in the principal amount owed," according to the report by the State Foreclosure Prevention Working Group, a collection of 12 state attorneys general and three state banking supervisors (underlined in the original). This occurs because modification programs typically allow for mortgage companies to tack on delinquent amounts and any fees incurred by servicing to the mortgage principal. The Obama administration's signature effort, the Home Affordable Modification Program, allows for this, too. http://www.huffingtonpost.com/2010/01/20/state-regulators-foreclos_n_429720.html … (0 comments)
70 percent of modifications result in an increase in the principal amount owed," according to the report by the State Foreclosure Prevention Working Group, a collection of 12 state attorneys general and three state banking supervisors (underlined in the original). This occurs because modification programs typically allow for mortgage companies to tack on delinquent amounts and any fees incurred by servicing to the mortgage principal. The Obama administration's signature effort, the Home Affordable Modification Program, allows for this, too. http://www.huffingtonpost.com/2010/01/20/state-regulators-foreclos_n_429720.html
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