Predatory Servicing Practices are Causing Many to End up in Foreclosure
Thousands of people are losing their homes to foreclosure or filing bankruptcy to prevent the loss of their home through foreclosure every month. In fact, recent reports from industry insiders are claiming that there are more than 7,000 bankruptcies being filed each day, while some have projected that big banks like BofA and Wells Fargo could be releasing as many as 25,000 homes to foreclosure proceedings by December of 2010. In many instances homeowners have been led down a not-so-merry path, often being told that their home is under review for a loan mod, which inevitably is denied, as a foreclosure auction date is sent to the homeowner.
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