I am happy to report that last year we were able to guide Georgette through the often turbulent waters of the foreclosure process to a great loan modification allowing her to stay in her home for as long as she wants to be. Given the fact that her loan is owned by Fannie Mae, essentially a government-owned entity, and also given the fact that Fannie Mae has scores of rules, the purpose of which is to do everything possible to give homeowners mortgage relief so they can stay in their homes, one may wonder why Georgette was put into foreclosure in the first place. Of course as I’ve said so often in this column, the answer to this question is that for loan servicers, who simply collect the monthly loan payments, and who have no ownership interest in the loan, foreclosure is a money-making enterprise.
As it now turns out, the news has gotten even better for Georgette. Within the past several days, she called us to report that she received a check in the mail for $2,000 as a result of filling out and returning the Independent Foreclosure Review (IFR) form. The IFR was formed as a result of a settlement reached between the U.S. government and 15 mortgage loan servicers designed to provide some recompense to homeowners victimized by foreclosure fraud during the years 2009 or 2010. I have written past articles encouraging homeowners in foreclosure during those years who filled out and sent in the IFR form to be on the lookout for a check in the mail, but Georgette is the first person we’ve heard from who actually received one. Hopefully she will not be the last one!
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Next week: Bank Duplicity Strikes Again!
Copyright 2013 Daniel L. McGookey