Fred said, “I have seen several reports where the homeowner is current on payments, is falling on hard times, then request a loan modification like HAMP. The homeowner is told by the bank that the only way they can get the loan mod is if they miss payments. So the homeowner obliges. The bank then begins the HAMP paperwork AND THE FORECLOSURE PROCESS at the same time.”
If that is the case then I feel even less pity for the homeowner because they are knowingly breaking the terms of their mortgage contract when they are still capable of making the payments. The bank can tell you that’s the only way to get the loan, but that doesn’t mean you have to mindlessly follow along and take such a gamble.
I just get sick of people throwing their personal responsibility out the door and then blaming everything on the evil bankers.
Both sides are responsible, it is the bank’s job to determine if the borrower can pay the money back...there is no way the banks should be allow ed to skate on any of this...
You are free to look the other way while the banks commit massive fraud...besides nothing will happen to them, Obama has got their backs.