Posts in category "Loan Modification"

Bank of America Starts Shaving Customers' Mortgage Principal

Bank of America Starts Shaving Customers' Mortgage Principal
This week, some Bank of America mortgage customers will receive letters in the mail describing the process by which they can attempt to reduce the principal on their home loans. The letters are the result of last week’s notice of settlement, whereby Bank of America would avoid more severe penalties for its role in the... Read more »

Loan Modifications in the News

Today’s Chicago Tribune sheds some light on the much-criticized loan modification industry in Chicago and nationwide. It’s a piercing look at the predatory nature of the business, particularly the legal community’s involvement.  For those who haven’t read the piece, it discusses the role of attorneys in the loan modification process, and how often times it... Read more »

Be Cautious With Loan Modifications/Debt Consolidation

For many families in Chicago, their financial well-being depends on the value of their home. After all, your home is likely your biggest investment. So the demise of property values has hurt millions in Chicago and beyond. Perhaps the most troubling aspect of this has been the development of secondary markets that often times prey... Read more »