Mortgage modifications daunting for homeowners
HELENA, Mont. -- Laverl "Nick" Nicholson tried for 19 months to lower the payments on his Montana home after a car wreck left him unable to work.
But his government-insured mortgage had restrictions on how it could be modified and the 50-year-old Nicholson says he didn't understand his options.
The bank foreclosed in April with $220,000 outstanding on the mortgage. Today, the house is for sale for $87,000.
The federal government has pushed to avoid foreclosures through mortgage modifications. But situations like Nicholson's have become more common.
Nonprofit housing groups urge struggling homeowners to seek counseling because mortgage modifications can be complex.
Sometimes lenders are reluctant to write off part of the loan or else the terms of the loan limit what the bank can offer.
foreclosure, housing, business
- Teen who was shot at Colorado school dies 9 min ago
- USC routs No. 21 Fresno St 45-20 in Las Vegas Bowl 18 min ago
- Madera family files claim against city of Los Angeles
- Judge orders hospital to keep teen on support
- Fresno Poverello House in need of toys for kids
- Fresno State program gets students interested in STEM classes
- Parlier students get iPad Airs
- Ryann Jones found guilty of second degree murder
- Royal Purple Las Vegas Bowl: Chance for 'Dogs to break bowl...
- Fire burns Three Rivers landmark
- Valley stores open extra hour for holiday rush
- Senator Harry Reid in hospital for observation
- Man charged in Elbow Room fight pleads not guilty
- Obama: 2014 can be breakthrough year for US
Most Viewed StoriesMost Viewed Photos