Loan Mod Denied Because Family Saved Too Much, Now Heading To Foreclosure

This family sought a loan mod after the father had his hours cut at work, making it hard for them to make their regular monthly payments. They followed the advice of housing counselors, reducing expenses and saving up money. Finally, PNC Bank told them their loan was denied. The $7,160 they saved up, which included a $5,218 tax refund, meant they were too well off to qualify. Now their house heads towards foreclosure.

13 months of saving and waiting gets family’s home loan modification denied [Chicago Tribune] (Thanks to Michael!)