All posts tagged "Modification"

Four years into the foreclosure crisis, banks say they've made major improvements in how they handle struggling homeowners. They've promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that's still happening.

The Obama administration's mortgage modification program is more than two years old. From the beginning, it's been apparent that the participating banks and mortgage servicers were breaking the program's rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected, the government has decided it's finally time to crack down.

WASHINGTON – Two years after the start of President Barack Obama's program to help struggling homeowners stay in their homes, millions of Americans remain far behind on their mortgage payments and are scrambling for other options.

'Extra labeling only confuses the consumer,' biotech spokesman says

Across the United States, millions of homeowners struggle every month to keep making their mortgage payments. Many face foreclosure, even after they've pleaded with their creditors to work with them. But to many banks, a vacant home holds more profit potential than one with a family paying at a reduced monthly rate. Often times, when the business end of a foreclosure is knocking at the front door, the home has already been sold.