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Survey Finds Banks Still Foreclose on Homeowners Seeking Loan Mods

By Implode-Explode Heavy Industries

"National Consumer Law Center and the National Association of Consumer Advocates surveyed 96 attorneys, representing over 2,500 homeowners. Nearly every attorney said that they had clients whose banks tried to foreclose while the homeowner was still negotiating a loan modification. Half of the attorneys said they had represented more than 20 homeowners in that situation. (These findings echo a similar survey that we reported on in July, where nearly two-thirds of California housing counselors surveyed said they had at least one client whose home was foreclosed on during the modification process.)"

Full post as published by Mortgage Lender Implode-o-Meter on December 17, 2010 (boomark / email).