Dual tracking is when a servicer has you filling out modification paperwork and sending them your bank statements, proof of residency, tax returns, P&Ls, payroll stubs, etc. (over and over) and actually is processing your foreclosure at the same time. Homeowners were supposed to be protected from dual tracking during modification.
But in case you were wondering if you can sleep at night while under the modification game – here are some interesting facts just released from the California Reinvestment Coalition (CRC) who distributed a survey to housing counselors in February 2013 to Report on how the banks were holding up their end of the bargain. So, if California is any indication of what the banks are doing around the rest of the country – be very wary. Continue reading