The rules for mortgage modification have been eased according to FHFA. They would lower the interest rate to 1/2 % below going interest rates. (big deal) but would not include cn. Worse yet, missed payments would be added to the back end of the loan. Sounds like negative amortization to me.
Mortgage modification is a mess that needs serious overhaul and this is not it. Banks are still dual-tracking- which means they are pursuing foreclosure while giving lip service to mortgage modification. They still take forever to render a decision and it’s a crap shoot. Laws are one thing-enforcement is another.
Do you agree that banks are still getting away with murder?
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