When Homeowners put less than 20% down on a home, they may be forced to purchase PMI (private mortgage insurance). The moment they miss a payment, the banks exercise their right to make a claim on the PMI.

I don’t know if that happened in this case, but it appears to be how the banks operate when it someone has PMI.

If the homeowner has the right to restructure a debt without first having to default, the legs get cut out of all the shenanigans that you are saying happened.

Debt restructuring without defaulting is like being able to call a timeout without being penalized. You yourself even used the word default in describing what happened.

Debt restructuring without first requiring a MANDATED DEFAULT tips the balance of power to even between the banks and the homeowner. HAMP requires a default before one can even apply for HAMP.

I know it’s scary at how simple the solution is, but the solution is as simple as being able to restructure a debt without first being forced into a default.

I think better results can be had if other blogs that have been protesting chase bank for the past few years are mentioned here. Otherwise this becomes a perpetual divide and conquer. A new group comes along without acknowledging the efforts of anybody before them. This just disenfranchises others who feel unappreciated.

Just sayin.