More homeowners in trouble due to lost income

New York /
Jun.June 03, 2009 09:49 AM

The latest wave of troubled American homeowners is a surge of people in financial danger not because of reckless gambling on real estate, but because of lost income. One homeowner approached mortgage company Countrywide, now part of Bank of America, for a loan modification, but the lender instead offered her a refinancing because she did not present a big enough problem to merit aid. Although the borrower had just lost her job, she had never missed a mortgage payment, and the bank said it was focusing on borrowers “already in severe threat of foreclosure.” A spokesperson for the Department of Treasury said that these homeowners are eligible for loan modifications under the Making Home Affordable program, and that mortgage servicers have offered to modify more than 100,000 loans since the program was introduced. The spokesperson did not say how many loans have been successfully modified, noting that the Treasury was working with lenders to “fine-tune” reporting systems.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
781 Fifth Avenue and Howard Lorber
Full 17th floor at Sherry-Netherland asks $30 million
Full 17th floor at Sherry-Netherland asks $30 million
Governor Kathy Hochul, casino chips, film camera
How Hochul’s film tax credit, casino plan affect real estate
How Hochul’s film tax credit, casino plan affect real estate
Council member Pierina Sanchez and Public Advocate Jumaane Williams (Photo Illustration by Steven Dilakian for The Real Deal with Getty, New York City Council)
Bill targets co-op discrimination against buyers
Bill targets co-op discrimination against buyers
Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
A photo illustration of The Agency’s Rainy Austin and Mauricio Umansky (Getty, The Agency)
Layoffs hit The Agency
Layoffs hit The Agency
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...