What’s missing in mortgage settlements?

Justice League

Too many homeowners are falling through the cracks

Imagine you are a homeowner, on the verge of losing your home. You receive a letter from your servicer, notifying you that under a settlement, you’re eligible for a principal reduction of $150,000, which would help keep you in your home. There’s just one problem- the offer is in a language you don’t understand.

This is a true story about a homeowner in East LA who nearly missed out on this principal reduction modification until he worked with a housing counselor from the East LA Community Corporation, who spoke his language. While this story has a happy ending, we’re concerned that too many other homeowners are falling through the cracks.

Read on.

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