Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yep, this program is a lotta help no one needs........
"LOS ANGELES -- Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.
The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren't enough and foreclosed on their modest Long Beach home.
Their story is echoed across the country by people who claim - some in lawsuits - that banks didn't live up to their end of the deal when they agreed to trial mortgage modifications."
Homeowners say loan mods led them to foreclosure (http://www.washingtonpost.com/wp-dyn/content/article/2010/11/07/AR2010110702535.html?nav=rss_business/industries - broken link)
Basic contract law. It's either one of two things:
1) The Bank is violating the contract and the Casco's have made all their payments and will easily win the case and a nice settlement on top of that. (This is an easy slam dunk for any mediocre or better lawyer.)
2) We only heard the Casco's side of things and they actually didn't make their payments in accordance with the contract.
I honestly don't care since we aren't privy to all of the information and the legal system will take care of the situation.
They never really say why they really went into foreclosure. Its didn;t say what kind of original loan they had. 59% per cent of Fannie's mods went into foreclosure agina because of people getting behind agin they reproted to congress.
They never really say why they really went into foreclosure. Its didn;t say what kind of original loan they had. 59% per cent of Fannie's mods went into foreclosure agina because of people getting behind agin they reproted to congress.
Bank says they were 50k behind....the family says they made all their payments.
I'm not shocked about the load mods still winding up in delinqunecy. We've had threads around here about how to stay in a house as long as possible by paying the min. and getting the loan reset only to stop paying again is one of those strategies.
you know there is more to this story then the bank decided to foreclose. im sure they just didnt want another distressed property to deal with..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
