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Thursday, April 07, 2011

Comments

Thomas Wicklund

I'm struck by your last paragraph about people "told" to stop paying their mortgage. This shows one of the real problems in today's society. Written records are disappearing. Telephone customer service is much more convenient but it lacks the record of written correspondence. These "stop paying" claims end up being the individual's word against the bank. It would take a very few written letters from banks saying to stop paying in order to get a modification for the issue change dramatically.

Reading between the lines of some of these cases, I'm also guessing that many people no longer have their original mortgage loan documents. So when the bank forecloses or comes up with bogus loan terms, it's again back to verbal statements and memory.

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