Some 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.