Mortgage companies are declaring or filing foreclosure actions based on late fees only, while the loan is current and in good standing. They should be stopped from doing so. Further, any high interest loans, both first and second mortgages, should be automatically amended to reflect the current interest rate without any extra fees to mortgagees. In many cases, old loans were written at 12 % or more, but refinancing them at a current rate is almost impossible because the mortgage companies are not willing to give up high yielding loans.
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