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Tonight we turn our attention to the issues that are related to foreclosure defense and rescission — mediation, modification and settlements. We start the conversation on mediation, modification and settlements with the banks and servicers, keeping in mind that we are dealing with people who most likely have no financial interest in the performance of the loan and no authority to mediate, modify or settle despite all their assurances to the contrary. And we start with the premise that neither the banks nor the servicers have any interest in acquiring the house. And to top it off they have no interest in getting payment from the borrower. And watch out for those hidden balloon payments 20, 30 even 40 years down the road!
Filed under: foreclosure