Great article about servicer abuses - Loan Modification Forum

Jillian118 · 08-07-2009, 08:21 AM

Hey all I saw this article on one of the web sites here. It helped me understand why a lot of people would be denied after their 3rd month of trial payments as supposedly that is when the banks would get their gov't money.

http://www.cyberhomes.com/content/ne...or-abuses.aspx

Evan Bedard · 08-07-2009, 09:39 AM

Thank you for sharing.

I just can't stand how greedy these lenders are towards the homeowners..

Chased around and around · 08-10-2009, 08:41 AM

"The irony is, in essence, the government is paying servicers to do their job, which is to do loan modifications where appropriate," said Kurt Eggert, a law professor at Chapman University in Orange, Calif. "And that's not a part of their job they were ever especially good at."

If those few lines from that article didn't just say it all...

Jillian118 · 08-10-2009, 09:59 AM

Quote:

Originally Posted by Chased around and around

"The irony is, in essence, the government is paying servicers to do their job, which is to do loan modifications where appropriate," said Kurt Eggert, a law professor at Chapman University in Orange, Calif. "And that's not a part of their job they were ever especially good at."

If those few lines from that article didn't just say it all...

They seem to be very good at collecting their government funds after the three month "trial" then denying people for a variety of reasons...seeing as how we have all learned that they make more money off delinquent loans!

jakelabry · 08-10-2009, 11:10 AM

I think the article posted here is even more telling:

Any ideas on what the heck Chase is stalling for??

May be why investors are turning down permanent mods - only ones making money are the servicers!

caldwellb02 · 08-10-2009, 01:33 PM

So I've received no mods, no trials, etc., yet. into my seventh month. I am defaulting this month for the first time. IF they offer a trial, should I take it?

08-07-2009, 08:21 AM	#1 (permalink)
Jillian118 Senior Member Join Date: Jun 2009 Posts: 294 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Great article about servicer abuses Hey all I saw this article on one of the web sites here. It helped me understand why a lot of people would be denied after their 3rd month of trial payments as supposedly that is when the banks would get their gov't money. http://www.cyberhomes.com/content/ne...or-abuses.aspx

08-07-2009, 09:39 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Great article about servicer abuses Thank you for sharing. I just can't stand how greedy these lenders are towards the homeowners.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-10-2009, 08:41 AM	#3 (permalink)
Chased around and around Senior Member Join Date: Jul 2009 Location: Orange County, CA Posts: 198 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Great article about servicer abuses "The irony is, in essence, the government is paying servicers to do their job, which is to do loan modifications where appropriate," said Kurt Eggert, a law professor at Chapman University in Orange, Calif. "And that's not a part of their job they were ever especially good at." If those few lines from that article didn't just say it all...

08-10-2009, 11:10 AM	#5 (permalink)
jakelabry Senior Member Join Date: Jun 2009 Posts: 200 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Great article about servicer abuses I think the article posted here is even more telling: Any ideas on what the heck Chase is stalling for?? May be why investors are turning down permanent mods - only ones making money are the servicers!

08-10-2009, 01:33 PM	#6 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Great article about servicer abuses So I've received no mods, no trials, etc., yet. into my seventh month. I am defaulting this month for the first time. IF they offer a trial, should I take it?

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