Loan modification must read
This article is a must-read for anyone going through a loan modification with some useful tips. Among them are don’t take the banks word that you should stop paying your mortgage to qualify for a loan modification; only do so after you have in writing that if you stop payments you will not be foreclosed upon as a result. Attorney Melissa Huelsman, subject of the article strongly believes that JP Morgan Chase CEO Jamie Dimon would rather spend money fighting rather than working out solutions, and that Chase is the only large bank that will not consider principle reduction.
Update 4/13/10: This stance against principle reduction was reiterated in today’s testimony before congress. The bottom line, they don’t think customers deserve to have their principle reduced because they entered into a contract and should be held to it. What about all the fraudulent and abusive sub-prime loans?
Bad bad Chase, Foreclosure, Loan modification | admin April 12, 2010
