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Qualifying borrowers are behind on their payments and have loans serviced by one of the big banks.
What if people default on their payments?
All borrowers must also be current on their payments.
What happens when people fall behind on their payments?
Millions more are behind on their payments but not yet in default.
More commonly, borrowers are behind on their payments but contest the size of their debts.
They either paid off their mortgages or caught up on their payments.
When they fell behind on their payments, they were charged more fees and threatened with jail.
Their lender, they said, refused to work with them on their payments.
But when homeowners fall behind on their payments, the situation becomes far more complicated.
Other banks like Synovus Financial are current on their payments, but bleeding money.
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CEO of Professional Science Editing for Scientists @ prosciediting.com