Growing Mortgage Frustration Has Some Homeowners Mailing It In
Growing frustration with the mortgage industry has some homeowners "mailing it in."
It was the news of the week last week, at least as far as the financial world was concerned: JPMorgan Chase reported soaring third-quarter earnings, which was met with glee on Wall Street and credited with pushing the Dow Jones over the 10,000 mark for the first time in a year.
But what is good news in the financial world is sometimes tough to reconcile out in the rest of the world.
In just one case, an unemployed Chicago homeowner says his hopes for getting loan modification help from his bank vanished, along with his savings. Housing counselors say the reason he was denied by a major bank was improper.
A growing number of homeowners are taking the situation into their own hands instead of asking for help from the loan servicers or the government: mailing in their keys and just walking away from their homes.
Also: After $75 Billion, Homeowners Ask: Where's the Money?
Helpful Resources:
For the IL Attorney General's Office and Homeowner help
http://www.ag.state.il.us/consumers/homeowners_help.html
For CNBC's breakdown explainer of who qualifies:
http://www.cnbc.com/id/29510983
For the US Treasury Department's latest report card:
http://www.treas.gov/press/releases/docs/MHA_public_report.pdf
For the National Consumer Law Center report:
http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-Sept09.pdf
Posted Wednesday, Oct 21, 2009 - 2:29 PM CST
