Prevent Foreclosure
CHICAGO — Homeowners in Chicago hoping to prevent foreclosure might stand a better chance if their lender is any other than Bank of America. That’s what a report by the National People’s Action, an advocacy group, suggests.
Bank of America made close to 4,000 foreclosure filings last year in Chicago alone. They had more filings than the rest put together. With homeowners desperate to prevent foreclosure, having a lender like Bank of America foreclosing at this high rate makes it near impossible for many.
Bank of America holds one fifth of all mortgages in America. That’s a powerful position for the bank to be in. The National People’s Action report also claims that the bank is also unlikely to offer eligible homeowners loan modification terms. The advocacy group believe that loan modifications are necessary where applicable to keep families and communities together and to offer them a degree of protection.
Some 8,000 residential homes in Chicago have seen the bank foreclose on them since 2008. In the first half of this year there have already been 1,700 foreclosures. Homeowners hoping to prevent foreclosure on their home are unlikely to succeed if their lender is Bank of America with some 3,000 homes expected to be foreclosed by the bank before the end of this year.
A spokesman for Bank of America said that with one in five of all mortgages held by the bank, it explained the apparent high rate of foreclosures undertaken. He also said that the bank is interested in negotiating loan modifications with eligible homeowners, pointing out that in excess of 630,000 adjustments to rates were made across the nation last year by the bank.
Fannie Mae, another major mortgage mender in America, recently announced, by comparison, that they would be starting to penalize homeowners who made no effort to prevent foreclosure on their homes. They added that homeowners choosing foreclosure as an easy way out would have to wait a minimum of seven years to apply for another mortgage with the company.
Related Posts:
- Prevent Foreclosure Penalties – Fannie Mae Cracks Down
- Prevent Foreclosure Crisis – Legislative Efforts Ramp Up
- Foreclosure Prevention: Is The Home Affordable Modification Program Enough?
- Foreclosure Prevention Legislation Efforts Ramps Up a Notch
- The Mortgage Modification Program – Homeowners Lower Their Home Loan Payment
