Zombie second mortgages are on their way alive, intimidating tens and thousands of Americans’ property

One to spring morning 2 yrs before, Karen McDonough try having beverage on their dinning table. She resides in a comfy nothing a few-rooms house when you look at the Quincy, Massachusetts. She searched away their unique windows and noticed some thing unusual.

“There have been such as 20 cars, and so they all of the appeared meanwhile as well as parked in front of my house, nearby, up the path,” McDonough said. “I simply had so it perception eg one thing most bad had taken place . particularly maybe some body in the community passed away.”

McDonough put on their unique sneakers, went to your garage and you will contacted a small grouping of guys, casually dressed, grinding doing for the lawn. You to definitely got a beneficial clipboard and you can was in charge.

So it appeared hopeless. McDonough got had our house to own 17 decades. This woman is a rn just who spent some time working during the esteemed Massachusetts Standard Health for a long time and you can helps make a beneficial way of living. She increased one or two what is an ibv check kids in the house and will pay their home loan every month.

However, back pursuing the property freeze inside the 2008, instance many almost every other People in the us, McDonough got requested a modification of the mortgage. In those days, she claims, their own mortgage lender shared with her one minute financial she got on the our home are forgiven within the modification. And you will she asserted that was genuine – she averted providing people statements for more than a decade. Continue reading →