October 18, 2011 Mara Bushari

Martha Coakley is stepping into the mortgage mayhem on behalf of her constituents.  On Oct. 18th, the Boston Globe reported that Massachusetts Attorney General Martha Coakley will file a lawsuit against mortgage  lenders who have abused their power. The lenders have not been named nor has their been a date set for the suit. There is speculation that is is in response to a previous Globe article that found lenders intimidating their customers with threats of foreclosure or add additional fees even after there was a modification to the loan.

A loan modification works to keep the homeowner in their house. By lowering the interest rates, principle, or both, loan modifications have been the answer for many resident’s needs. However, with this new practice, lenders have taken advantage of their consumers. In a class-action lawsuit, Bank of America was held responsible for using unlawful tactics against their customers.

Hopefully, this will serve  to clear the air and provide better customer service. Coakley pointed out that unless the mortgage issues are sorted out, our economy will be hindered. Much of the issue is attributed to incorrect paperwork and technical glitches. It is important that you keep a copy of your paperwork including mortgage statements. This is the best way to avoid any paperwork confusion between yourself and your lender.

You can read the full Globe article here.

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Mara Bushari

Mara is a creative thinker and strategic marketer. She graduated Summa Cum Laude from Boston University’s College of Communication and worked in international finance before joining The Bushari Team. Mara strives to exceed expectations. As Client Relations Specialist, she is a key facilitator in all team transactions, making the buying or selling process as stress-free as possible for the client. Mara learned many of her extraordinary organizational and problem-solving skills during her service in the Israeli Defense Forces, where she earned the “President’s Award” for exceptional service. In the military, Mara solidified her abilities to achieve top results in high pressure and time sensitive situations. In her spare time, Mara enjoys skiing, photography and writing.

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