Rescue Scams, Servicing Abuses A Concern To Virginia Consumer Advocates
Reportedly, all kinds of abuses with mortgage loan servicers are also being seen, according to Connie Chamberlin, president and chief executive officer of Housing Opportunities Made Equal Inc., a housing advocacy group in Richmond. She also pointed out that Virginia has one of the fastest foreclosure processes in the country, which only serves to exacerbate the foreclosure problem. She points out that once a lender notifies a borrower of the intent to foreclose, a person can lose their home in as quickly as two weeks.
For the story, see Virginia foreclosures rising (State taking steps to curb defaults; more expected as subprime loans reset).
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