You can’t blame the bank for foreclosing and repossessing your home if you fall behind on mortgage payments. Actually, that’s not right. You can blame the bank or other lender, given that these banks haven’t followed the letter of the law during the home foreclosure process.
And based on Mary Ellen Podmolik’s report for the Chicago Tribune, the banks and lenders still aren’t doing right by homeowners who’ve fallen behind on mortgage payments.
Podmolik writes that, as a result, the $25 billion national mortgage foreclosure settlement of Feb. 2012 is being “tweaked” in an effort to force the banks to comply with the 304 standards the banks agreed to when they settled.
Periodic reports published since the settlement show an indication of noncompliance. In other words, the banks are failing to hold up their end of the bargain. Podmolik quotes the Housing and Urban Development secretary’s words – “deep and pervasive problems” – in regard to the noncompliance.
To make a long story short: Struggling homeowners looking to stop home foreclosure through loan modification may not get a lot of help from the lenders, despite the supposed saving grace of the $25 billion settlement.
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Big Banks Not Following Terms Of Agreement For Struggling Homeowners