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A Plan to Stem Foreclosures, Buried in a Paper Avalanche

 
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melonrightcoast



Joined: 22 Feb 2009
Posts: 236
Location: metrowest

PostPosted: Mon Jun 29, 2009 11:33 am GMT    Post subject: A Plan to Stem Foreclosures, Buried in a Paper Avalanche Reply with quote

A very disheartening article (in the NY Times) if you are hoping to have your mortgage modified. I would be so, so mad if I were the last family that was portrayed:

"The Piercys have been making their payments, but GMAC has been putting their checks aside, holding the money as “loss mitigation fees,” until their application is completed. It has notified credit bureaus that their loan is more than 90 days delinquent, which has lowered their credit score, disqualifying them for the next mortgage."

http://www.nytimes.com/2009/06/29/business/29loanmod.html?pagewanted=2&hp
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