One of the great legal problems of our time is the foreclosure crisis. Wall Street changed the rules when it decided there was a fortune to be made betting against the American dream of owning a home.
Investors stood to make more money from homeowners defaulting on their mortgages than paying them. To make sure this happened investors flooded the mortgage market with cash to encourage riskier and riskier loans to be written. The system was rigged to crash.
Check out the “Inside Job” podcast from This American Life.
Courts have been left to pick up the pieces. Fortunately, Connecticut has an Attorney General who understands the practical difficulties of homeowners facing foreclosure – namely the process is confusing and speaking with the right representative from a bank can be impossible.
I was very pleased to find this press release in my inbox. If you are a Bank of America Customer facing foreclosure you need to read the following
MORTGAGE REVIEW ASSISTANCE AVAILABLE JAN. 19-21
FOR BANK OF AMERICA CUSTOMERS
For immediate release
HARTFORD – Attorney General George Jepsen and state Banking Commissioner Howard F. Pitkin announced today that Bank of America is hosting free mortgage assistance reviews in Hartford and Bridgeport for customers who are having trouble paying their mortgage loans.
The free events are 8 a.m. to 8 p.m. Thursday Jan. 19 through Saturday Jan. 21, 2012 at both the Hartford Hilton, 315 Trumbull Street, Hartford and the Bridgeport-Trumbull-Fairfield Holiday Inn, 1070 Main Street, Bridgeport. Free parking is available at both sites at the Church Street Garage in Hartford and Imperial Parking Garage in Bridgeport, which is adjacent to the hotel.
Bank of America mortgage customers who are experiencing financial hardship will have the opportunity to meet with home loan specialists, who can review their mortgage and discuss available options. Spanish-speaking translators will be available at both locations.
The events are free and registration is encouraged to help ensure customers receive same-day assistance. Registration can be made online at www.bankofamerica.com/
Connecticut homeowners who are not Bank of America customers, but having difficulty making mortgage loan payments, should contact the state Department of Banking’s Foreclosure Assistance Hotline at 1-877-472-8313. The Department assists homeowners who are attempting to achieve loan modifications and prevent foreclosure. The Department’s website, www.ct.gov/dob, has valuable information about avoiding scams, applying for loan modifications, and navigating the foreclosure process.