On a recent Friday morning, Wallace Farmer packed up and moved out of his Baltimore row house. After over a year of confusion and delays, JPMorgan Chase told Farmer that he made too much for a mortgage modification through the government's foreclosure relief program. That made no sense to Farmer -- he'd lost around $500 a month from two rental properties -- but he was done fighting. He recalls finally saying, "To hell with it."
Farmer is one of many homeowners who have given up on the government's mortgage modification program [3], which tries to help struggling homeowners by reducing their monthly payments. They say they're trapped in a bureaucratic nightmare, and even if they are offered a modification, it doesn't help enough. They stop sending checks and instead face foreclosure.
"I have been traumatized," says Farmer of his process trying to get help from Chase. "I couldn't get any closure. Nobody would tell me anything. They kept saying, 'It's in the mail. It's in the mail.'" Chase spokeswoman Christine Holevas says the bank was giving Farmer "assistance and advice about options" when he moved out.
Read on.
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