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After the loan was secured, Ms. Doe attempted to make payments on her mortgage for three years. Now, can you imagine, having $2700 a month mortgage payments on a home that is, at best, worth only $121,000?
Several times, throughout the years, Ms. Doe attempted to have her loans modified so that they were reasonable and at a reasonable rate and monthly payment. The banks and loan institutions were well aware that the house was overpriced. The advice given to Ms. Doe through her loan servicer was to allow the House to go into default and at that point they would help her modify loan.