Real Estate News Blog Georgia October Archive

Mortgage Servicing Errors Leave Homeowners Hanging

By Art C Ryter at 10/03/07 03:29

Discusses how homeowners have been put in compromising positions due to the mortgage lender practice of selling the original loans to other financial institutions. Some people in Atlanta, Georgia, and in Florida have almost lost their homes to foreclosures to the state because their tax bills were not paid by the mortgage lender from the house's escrow account. There has been little help, outside of hiring a lawyer, for homeowners trapped trying to avoid a foreclosure that is no fault of their own. This is especially difficult with so many lending and servicing businesses going bust due to their poor lending practices that have led to increased foreclosures.

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