Most people were overjoyed when they qualified for a mortgage and found out that their dream of owning a home was coming true. However, that dream can easily turn into a nightmare if mortgage payments become unmanageable.
For at least 300,000 people who were at risk of foreclosure, relief has finally come. But tens of thousands more still waiting, some not very patiently, for their mortgage lenders to pay up. You may recall that five major U.S. banks agreed to settle federal charges of mishandling foreclosures by providing billions of dollars of debt relief and refinancing. A progress report from the official overseeing the payback shows that Bank of America has refinanced $890 million in loans so far. J.P. Morgan Chase has spent $903 million. In total, since August, customer relief payments have totaled at least $22 billion.
The NY Times recently published this article on January 7, 2010 about "Walk Away From Your Mortgage". Click on the link to read the entire article. http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html