Banks Walking Away From Foreclosed Properties, Leaving Displaced Homeowners Holding the Bag

We often receive calls from panicked homeowners who need advice about the ballooning mortgage they can no longer handle. The government was supposed to set up agencies for help with that sort of problem, but reports indicate the success rate is dismal. One problem is that the company servicing the mortgage almost never holds the mortgage note, as these loan have been “sliced and diced” and then resold. Since the servicer has no skin in the game, there is little incentive to work with the homeowner so they can remain in their home. Even worse, the servicer often benefits from...

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