I found a very interesting, but long, report on why your mortgage servicer would rather foreclose than modify your loan. This report is published by National Consumer Law Center and is interesting reading, especially if you are attempting the modification process.
It confirms what we have been experiencing as homeowners (and real estate agents) that the servicers are doing whatever it takes to NOT cooperate with principal reductions or short sales, but to push consumer homeowners into short term repayment plans, forbearance agreements (but they don't call them that to our face) and foreclosures. Your comments are welcome!
It confirms what we have been experiencing as homeowners (and real estate agents) that the servicers are doing whatever it takes to NOT cooperate with principal reductions or short sales, but to push consumer homeowners into short term repayment plans, forbearance agreements (but they don't call them that to our face) and foreclosures. Your comments are welcome!
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