In the fall of 2007, when the U.S. economy first seemed in peril, I began answering reader queries here on the Business Desk. I still do so occasionally, but this page has expanded to include posts from eminent economists, "far-flung correspondents," and a variety of voices that have intriguing and/or useful things to say about economics, broadly defined. Please feel encouraged to respond to any and all of them.
The Loan Mod Squad: A Request to Business Desk Readers
Name: Toby Hanna
Question: I purchased a house in 2006. A year ago I tried to get the loan modified with the help of a modification company that cost me $2,000. Bank of America sent modification papers in September and canceled the modification before we could sign the documents. I have had to relocate due to employment. Is there anything I can do to keep my home? I want to keep my home.
Paul Solman: This email raises an issue we've been wondering about: "loan modification companies." The word that springs to mind for many of them is "sketchy." (If the more accurate term isn't "fraudulent.") So let me ask you: do any of our readers think they've been victimized by "loan modifiers" who take the money and run, without getting any modification at all? Please contact us.