Homeowners say loan mods led them to foreclosure
By JACOB ADELMAN | Published: 1:00 PM 11/07/2010
LOS ANGELES (AP) — Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.
The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren’t enough and foreclosed on their modest Long Beach home.
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