More homeowners come forward with mortgage issues

10/28/2010 | New York Times (tiered subscription model), The

Lenders are reviewing mortgages to detect whether errors were made in the paperwork, prompting more homeowners to come forward saying they have found a mistake in the documentation. Some are demanding legal recourse. Banks maintain, however, that despite some issues with the paperwork, most homeowners in foreclosure are not making their mortgage payments. "We believe that the overwhelming majority of the cases will be that the loan was seriously delinquent and needed to go to foreclosure," said Paul Leonard, vice president for government affairs of the housing-policy council at The Financial Services Roundtable.

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