'Single Point of Contact' Solution to Accidental Foreclosures

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Single Point of ContactSome homeowners have difficulty holding on to their homes simply due to miscommunication: banks lose paperwork and fail to keep track of mortgage modification applications. The confusion is a result of multiple employees handling the same case.

Laws that require a "single point of contact" between the homeowner and one case-assigned employee are the answer to the problem. But so far litigation that would put an end to the mix-ups has stalled. Zach Carter reports about it
at The Huffington Post:

Tim Collette's son Aaron will get back from Iraq on Aug. 19. On Aug. 9, his bank, JPMorgan Chase, is taking his house in Bend, Ore. -- unless Collette can get a mortgage modification first. But unlike innumerable other borrowers in similar situations, Collette now has a pretty good shot at getting one.
Collette first asked his bank for help in 2008 when his work as a home flooring expert slowed down dramatically. The result was a disaster. He said the bank told him he had to miss payments to qualify for help. When he missed the payments, the bank began pursuing a foreclosure. One day someone from Chase would say one thing, the next, someone else would say something completely different.

The process got a lot easier last week when Chase assigned a single person to follow Collette's case and handle every single interaction that he has with the bank.

See the full story at The Huffington Post.

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