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Servicing / The Ticker

Widow caught in loan mod trap

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The Tampa Bay Times is reporting on a type of loan modification trap that widows seem to be susceptible to if their name is not on a mortgage note when a spouse dies.

Reporter Drew Harwell wrote:

 "Widows caught in this runaround, counselors said, never realized the damage it could cause if only their husband signed the mortgage note. They did not expect it would prevent them from a loan modification that could allow them to keep paying and stay in their homes."

Source: Tampa Bay Times
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