February 21, 2013|By Mary Ellen Podmolik | Tribune staff reporter
…People remain confused by the loan modification process, and there are continued stories of dual tracking, working with borrowers on loan modifications while also pursuing foreclosure judgments against them. Borrowers are having to submit the same documentation multiple times. Questionable fees are being added to the total sums due. Different employees are offering conflicting information to borrowers.
"What I had expected, where we're heading, I expected slow and steady improvement," Smith said in an interview while in Chicago Thursday. "These are large and complex enterprises but that is not an excuse."….
In Illinois, of the 20,044 borrowers who received assistance from the nation's five largest servicers between March 1 and Dec. 31, 3,794 received principal writedowns on first or second mortgages
while another 5,928 borrowers saw their second lien obligations erased, according to the report. Altogether, those principal writedowns and extinguishments totaled $614.5 million.
Another 5,831 Illinois homeowners sold their homes
No comments:
Post a Comment