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A curious piece of text is appearing in some homeowner's loan modification agreements—by accepting a modification from a bank or non-bank servicer, the homeowner agrees to never publicly say, write, or post anything negative about the company doing the modification. Originally in a report from Reuters, Ocwen, Bank of America, and PNC Financial Services Group are adding new terms to their modification contracts to prevent homeowners from publicly disparaging the companies.
Read More »Mortgage Collectors Silence Homeowners with ‘Gag Orders’
