Arizona Seeks Changes to Banks’ Home-Loan Modification Process
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A 50-state task force investigating U.S. foreclosure practices should ask lenders to change the way they modify home-loan provisions, Arizona Attorney General Terry Goddard said.
Homeowners seeking modifications have complained that they weren’t offered revised payments, wound up with the same or higher payments, or were foreclosed on during the process. Any resolution of the task force investigation should address these complaints, such as by offering principal reduction and barring certain foreclosures, Goddard said in an interview yesterday.