Profiles: Shoddy Bank Practices Continue Even After Mortgage Mods

http://www.propublica.org/article/profiles-shoddy-bank-practices-continue-even-after-mortgage-mods?utm_source=socmed&utm_medium=twitter&utm_content=tweet1&utm_campaign=loan%2Bmods

As we reported today <1>, many homeowners have received a mortgage modification only to find themselves once again at risk of foreclosure because of errors by their mortgage company. An informal survey of legal-aid organizations suggests this is a frequent problem.

ProPublica investigated six homeowner cases. The cases involved four different mortgage servicers and a range of problems. All are among the largest servicers: Bank of America, JPMorgan Chase, Citibank and PHH Mortgage.

JPMorgan Chase

Chanel Rosario of Staten Island, N.Y., finally got her modification last year after years of trying. The offer came after a New York judge told Chase's attorneys they "should be ashamed" of their conduct and threatened to hold them in contempt of court. But after months of making payments, Rosario called up Chase and discovered that something was wrong. The payments weren't going toward her mortgage, and Chase was still reporting her as delinquent.

More at the link --