Banks Really Do Prefer Foreclosure
October 22, 2009 by admin
At the start of the foreclosure crisis, personal-finance experts urged struggling homeowners to contact their lenders if they started to fall behind on their mortgages. The lenders want to do everything they can, homeowners were told, to avoid a foreclosure.
Now, the experts aren’t so sure that’s the case.
Consumers who have jumped through a frustrating series of hoops to achieve a mortgage modification — a lower interest rate or more manageable payments — are convinced that conventional wisdom is flawed.
Jason, of San Diego, said he’s become frustrated trying to complete a loan modification. Read more about banks preferring foreclosure…
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