Were You Forced to Waive Your Rights to Get Help?
ProPublica recently learned of several cases where mortgage servicers required homeowners to waive their rights as part of an agreement to avoid foreclosure. In these cases, contracts provided by home mortgage servicers included clauses requiring borrowers to waive rights or state they had no defense to foreclosure.
It's hard to tell how widespread this practice is. In some cases, mortgage servicers insert ambiguously-worded clauses that could later limit a homeowner's defense to foreclosure.
Here are just a few examples of the clauses we found deep in the fine print:
From a Citi Modification
Do any of these look familiar? If you have signed a forbearance or modification agreement, please take a close look at the fine print and then share your experiences with us. Simply email me with the subject line "Waiver clause."
Banks and the government have fallen short in helping homeowners in danger of foreclosure.
The Story So Far
Systemic failures at the country’s banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, and government efforts to limit the damage have fallen short. ProPublica created an unrivaled database of homeowners who have faced foreclosure, opened a Facebook page to encourage homeowners to share their stories, wrote profiles of some of them, and incorporated their experiences into our reporting. We also provided a comprehensive rundown of the numbers behind the crisis.
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