Sunday, November 7, 2010

Homeowners Say Loan Mods Led Them To Foreclosure : NPR

Homeowners Say Loan Mods Led Them To Foreclosure : NPR: "OS ANGELES November 7, 2010, 03:08 pm ET
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."


Alina said...

Although most of these people bought the first half, none of this happens to them! Most of these people have no business buying a house, where they were, they knew, but I thought I discovered something. When he was captured and found something, then it becomes everyone's fault. Is this the future of the people of this country?
desmond ong

Alrady said...

ALINA been swamped here.. .you bring up what most people think. what the don't understand is that many had the fund to do it until the had to take pay cuts or lose jobs. Even still the loan originally TARGETTED people and sold them something DESIGNED to force them into refinancing every two years (talking big bucks) to stay in home OR to foreclose... it was planned and FRAUD induced. Do you remember TV ads, mail, radio. The FEDS saying even while there was starting of busted market that all was okay? People that were questioning TRUSTED those in power that knew.
THE FRAUD breaks all contracts and must be dealt with to restore honesty in economics and political realms. Actually it is FRAUD means there was no contract to being with as there was no meeting of the minds.. this is not moral but business contract.