Loan Servicer Confusion On Loan Modification Leaves Central Florida Homeowner Under Threat Of Foreclosure

In St. Petersburg, Florida, News Channel 8 reports:

• Tricia Brady thought she was one of the fortunate homeowners to have her mortgage modified under the federal government's Making Home Affordable program. But, it turns out, she isn't so lucky.

• Back in March, when the Making Home Affordable plan was announced, Brady contacted her mortgage company, EMC, to check into getting a loan modification. By June, Brady said, EMC had cut her payments from about $1,000 a month to $496. "Then on the fourth month, they send me the past due balance and tell me I'm three months overdue and they will foreclose on this property,'' Brady said.

• Her mortgage company said she owes a payment of $3,500. A company spokeswoman said Brady was never part of the government program, but had been placed in one of the mortgage lender's repayment programs. [...] Now Brady is worried that the house she has owned for almost two decades could come under foreclosure. Brady said she thought the repayment agreement was part of a loan modification. "Had I known this, I would have struggled along with the mortgage I had,'' she said. [...] The Chase spokeswoman said the company has apologized for any confusion. She said one of the company's best loan counselors called Brady and was helping her understand her options.

For the story, see St. Pete homeowner faces loan modification confusion.