Well it seems that what we all suspected was in fact true! According to a former Bank of America employee, Loss Mitigation Specialists were told to delay the Home Affordable Modification Process (aka HAMP) and were even given bonuses for foreclosure initiations!
After Governor Jerry Brown signed SB 458 into law, the hopefulness turned into helplessness for many homeowners pursuing short sale as a foreclosure alternative.
Not only are mortgage industry giants Freddie Mac and Fannie Mae household names, they own most of the households in the country. So why are they the least likely to help homeowners in need of a short sale?
