Changes in loans

To the Editor:

"Round and round in the Paper Chase foreclosure Court" (news article, Feb. 9) depicts the very considerable delays homeowners experiencing foreclosure settlement conferences.

In fact, homeowners are damaged significantly by this delay: interest rates and fees may continue to accrue on the loan during the Conference, often at high rates and banks finally change the loan use these fees to increase the principal balance of the loan. In this way benefit banks that refuse to negotiate fairly and quickly.

A homeowner with legal counsel may seek a court order which, in addition to a bank from the collection and charges accrued as a result of delay or bad-faith bargaining. At South Brooklyn legal services, we regularly seek and obtain such relief for borrowers on behalf of and in the process may tend to modify the loan on favourable terms, without unreasonable charges for interest and fees.

JENNIFER SINTON
Deputy Director
Foreclosure Prevention project
South Brooklyn legal services
Brooklyn, 10 Feb, 2012

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