In an article by the Associated Press released this morning, it is reported that homeowners across the nation are filing a class action lawsuit against their banks for "breach of contract". These people have spent time and energy to negotiate modifications of their loan and the banks then, after accepting the terms, renig on the agreement. They are even renigging on the people who used the HAMP program which was created by the Obama administration to keep people in their homes!?
The bank's response is that they just don't have the manpower to handle all the paperwork... really? Here's a solution- hire more people!? It's not like people don't need jobs in this economy. I could maybe understand if it was a training issue, but the reason you are going against a signed agreement is because you haven't taken time to put out an ad and conducting interviews? You deserve to be sued. The fact that people are losing their homes because of a lack of manpower, clerical error or lack of oversight is just ridiculous! We've already dealt with this once before with Short Sales and Foreclosures flooding the market back in 2008. Come on already banks!? We're making so much head way with Short Sales and Foreclosures: cutting down on response times, moving through inventories and keeping people from having to foreclose on their property or getting deficiencies waved. You threaten our recovery and progress by creating a problem where one isn't necessary. The numbers show there are less people getting loan modifications approved so much so that many local legal firms and agencies have stopped listing it as an option!? Why attack the few that you DID accept!?
Read more from the article on this subject by going here: http://hosted.ap.org/dynamic/stories/U/US_LOAN_MOD_LAWSUITS?SITE=NVLAS&SECTION=BUSINESS&TEMPLATE=DEFAULT
