The foreclosure process itself is now a money-making scheme instead of a last chance to write down debt. No wonder this housing bottom is a never ending one since lenders are dragging their feet trying to get more $return.
"...mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans..."
Read full article: Lenders slow to modify loans so fees add up (sfgate.com)
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