Borrowers flunk out of mortgage mods

[MJ DeMarco]

The number of troubled homeowners falling out of President Obama's foreclosure rescue plan soared in April.

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[Red]

What they forget to mention is that the president signs these grandiose "bills" that are voluntary for banks to participate in -ie: the banks don't have to do jack squat.

The other sad part is, if you've ever read the paperwork that many banks send out (I've read through the mod paperwork provided to a Chase customer) -no lawyer in the land would advise you to sign it. It's essentially an open-ended agreement that guarantees the homeowner nothing but commits them to paying their "trial payments" and, at the end, if they're approved, their new payments aren't disclosed until then -they can even go up.