Reuters news service is reporting that Ocwen, Bank of America and PNC Financial Services have been adding new terms to their loan modifications preventing the homeowner receiving a loan modification from publicly disparaging the lender as part of the loan modification.
By accepting these loan modification terms, the homeowners must agree to never publicly say, write or post anything negative about the company doing the loan modification.
If the borrower agrees to this gag order, he/she may be foregoing his/her right to complain publicly or sue if they have difficulty with the lender's actions during the entire term of the loan modification...even if the lender is in breach of the contract.
Where is the government watchdog now? Is this not in violation of our 1st Amendment Rights? Why are lenders afraid of what the public is saying about their actions during loan modifications? Is it because their performance when conducting loan modifications is less than stellar?
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