Loan modifications a tricky thicket for those seeking
January 11th, 2009
Self-reliant and single, the 54-year-old Ojai resident has spent many sleepless nights worrying about her mortgage. She bought her house five years ago, a purchase she describes as a good investment that took a bad turn. A loan modification might be her last hope.
Chapman is among some 2 million troubled homeowners who stand to benefit from such a program, if lenders can work with them. But many have run into endless red tape, legal hurdles, stricter qualification standards and unreturned calls, even though lawmakers have doled out billions of dollars to bail out banks.
“It’s devastating,” said Chapman, who paid $600 to Downey Savings for a loan modification.
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