California Attorney General Jerry Brown says Wells Fargo Bank N.A. has agreed to modify adjustable-rate loans made to nearly 15,000 Californians by lenders that it acquired.
Some struggling homeowners say they’re being unfairly foreclosed on despite making all their payments under trial mortgage modification programs.
The recent data suggests foreclosures may be leveling off, but one analyst notes that may have more to with how lenders are opting to proceed when it comes to defaults.
For millions of Southland homeowners facing foreclosure, the move by Bank of America could bring some short-term relief, but what happens from there is unclear.
Thousands of people who want to avoid losing their homes are lining up in downtown Los Angeles for free mortgage help.
Officials say up to 400,000 homeowners are “underwater” — having negative equity — in their mortgages in Los Angeles County.