There have been many questions raised over what should happen when someone is facing financial hardship with their mortgage. A homeowner in California had spoken with her bank, U.S. Bank about getting a modification on her home loan as a result of her financial position, and after agreeing to do so she claims that they reneged. Ms. Claudia Aceves wasn’t the only one who felt that way, and it makes for a real disaster.
It is important for all of you to understand that the court did see that Ms. Aceves didn’t have a strong case in getting her home back. This case brings about a lot of mixed feelings, but some angry homeowners who may also consider suing, and either causing attorneys to get busy, or regret taking on these types of cases.
Mortgage servicers are also going to struggle and have been for some time due to the argument before that came with servicers telling borrowers over the phone that they didn’t qualify for a modification. Naturally, not only did this leave borrowers angry, but it left them confused over why modifications were even put into place in the first place. Homeowners new very little about the modification program when it was first rolled out, and really neither did the banks. When the programs were rolled out they weren’t really well thought-out on how they were going to be done, timeframe and more. Borrowers didn’t even know how modifications were done, and that they had to qualify for them. So, why did anyone expect this to work until it was all hammered out? This should tell us something about the state of our finances.
-Mayer Dallal
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