Homeowner Wins Twice Against Freddie Mac

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Homeowner Wins Twice Against Freddie Mac

Homeowner Wins Twice Against Freddie Mac

The Uptake-

The nation’s largest mortgage company may finally be bending to public pressure. A St. Paul homeowner has scored a pair of victories against Freddie Mac that have allowed her to stay in her foreclosed home, but only after being misled in a move that’s called “dual tracking.”

Caylin Crawford’s problems began when she had a snowboarding accident and wasn’t able to work for a few months. Without the income, she realized she would have trouble making her monthly mortgage payments. U.S. Bank was the originator of her mortgage and Freddie Mac had purchased it on the secondary market. She called U.S. Bank and explained her situation. A U.S. Bank representative told her she could probably qualify for a HAMP (Home Affordable Modification Program) loan but she had to stop making payments, which she did.

While negotiations were in progress, U.S. Bank sent a letter on Oct 11, 2011 stating they would not proceed with foreclosure. But eight days later she got a notice saying her home would be sold at a sheriff’s auction.

The practice is called “dual tracking” and has been used against other Twin Cites homeowners by other lenders such as Citibank.

[THE UPTAKE]

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One Response to “Homeowner Wins Twice Against Freddie Mac”

  1. JIMI says:

    FREEDIE-MAC DUAL TRACKING IS WELL KNOWN AND MUST BE STOP IMMD
    PEOPLE LIFE ARE AT STAKE HERE ITS THEIR HOMES THE ONLY THING THE
    PEOPLE HAVE

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