Are you tired of being strung along by your lender? Do they repeatedly say they never got your fax even though you have a receipt? Help may be on the way.Leading the way: The California Democratic Congressional Delegation is petitioning federal regulators and the U.S. Department of Justice to launch a formal investigation into servicers' foreclosure practices. Named in the petition are 3 of the big banks: GMAC, JP Morgan Chase and Bank of America.
We are 3 years into this mortgage crisis and you would think they have their act together by now. You would thiink by;now the process of applying for and getting a short sale approved by your lender is seamless and can be done in a matter of weeks, not months. And it seems like there is still nothing but excuses from these lenders would have been the recipient of bailouts and incentives to work with borrowers toward saving their homes. Yet the crisis continues with now 1 in 5 homeowners having mortgage problems.
Citing thousands of cases, banks and their servicers are accused of repeated misleading and obstructing homeowners from getting approval on a short sale. Stay tuned, more to come...
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