Faced with foreclosure – for paying her mortgage early
Can the nation's big banks get any more incompetent in how they handle individual foreclosures?
A popular mistake seems to be foreclosing on the wrong home and then only offering a grudging apology later - of course not until after having thrown some innocent homeowner's possessions onto the sidewalk and locking everything up tighter than Fort Knox.
It's a hard act to top, but Bank of America appears to have succeeded in the case of a 70-year-old woman in Florida.
Underwater on her $133,000 New Port Richey home and nursing a bedridden husband, Sharon Bullington found herself in a financial jam as medical bills began to pile up.
But she thought she had staved off foreclosure after working out a loan modification deal with BofA, the St. Petersburg Times reports.
That was until she paid her mortgage a week early. That's right, Mrs. Bullington made her January payment on Dec. 23, the Times reports.
And that turns out to have been a big mistake.
Loan Modification Programs - News
DETROIT (Source: Detroit Free Press) – Kim Orsi's bank told her she needed to earn more money to qualify for a federal loan modification program. So she started a pet-sitting business, only to be told she made too much to qualify.
But she thought she had staved off foreclosure after working out a loan modification deal with BofA, the St. Petersburg Times reports. That was until she paid her mortgage a week early. That's right, Mrs. Bullington made her January payment on Dec.
Many servicers often used similar options that are available within the federal Home Affordable Modification Program, as some homeowners may get an interest rate reduction, term extension, or there are some banks that may offer a forbearance
"I believe I qualify for a loan modification, and they so far have refused to explain to me why I do not." Gudiel, a state employee, has been attempting to get the bank to modify her loan, which requires $2456 monthly payment, for almost two years.
WASHINGTON -(Dow Jones)- The number of struggling homeowners helped by an Obama administration loan modification program grew in June, but it remained far short of initial expectations for the government assistance plan. Treasury Department statistics
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The official government website for the Making Home Affordable Program. Learn how Making Home Affordable can help homeowners avoid foreclosure.
Making Home Affordable
The official government website for the Making Home Affordable Program. Learn how Making Home Affordable can help homeowners avoid foreclosure.
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