Housing Rights Group Says HUD Program Helps Wall Street, Hurts Homeowners

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Housing Rights Group Says HUD Program Helps Wall Street, Hurts Homeowners

Housing Rights Group Says HUD Program Helps Wall Street, Hurts Homeowners

Truth Out-

After learning that his home was in foreclosure in July 2013, James Cheeseman received an even more unpleasant surprise when he showed up in court the following January. He was told that his mortgage loan had been sold by JP Morgan Chase and purchased by a company he had never heard of before – LVS Financial.

Cheeseman had already applied for a loan modification from Chase and says he was still awaiting a response when the loan sale occurred – a move that he and his attorney argue violates New York State foreclosure laws. Cheeseman says that the new servicer, BSI Financial, then required him to fill out a whole new loan modification application. In mid-September, he learned that he had been denied.

Though he is asking the court for another shot at a modification, this curveball has caused considerable distress for Cheeseman, 47, and his mother Constance, 75, who have resided in the New York home that they co-own for five years.

“I was shocked; I thought that [the resale of bundles of bad loans] was over,” he says. “That’s what got the country into trouble in the 2008 [mortgage crisis]. But lo and behold, it’s still going on.”

[TRUTH-OUT]

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