For those of you who have followed this blog regularly, and/or purchased my book, 'Save Your House From Foreclosure!', you've heard me say time and time again that when you find yourself in trouble making mortgage payments, one of the first things you should do is contact the bank and see what can be done to help you save the house, including a loan modification (change in the terms of the mortgage loan).
Well, it seems that some members of the lending community may not be living up to their commitment to help out homeowners.
In a court in New Hampshire, a couple is suing Countrywide for allegedly stringing them along for 8 months in hopes of a loan modification before denying them the modification, after which the lender foreclosed. The facts of what really happened will be determined as the case plays itself out, but what is really interesting is that, as reported on MSNBC today, Countrywide said in court that its ads offering loan modification assistance for troubled homeowners are "mere commercial puffery", and "Countrywide's vague advertisements", not an obligation or promise to actually do anything.
This is particularly troubling for Countrywide, because the lender is one of a number of institutions who joined the Hope Now group last year to try to work and stem the rising tide of foreclosures by a variety of means, including loan modifications.
Keep watching for more news as this case wends its way through court.
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