November 10, 2010 7:15 AM

Homeowners hit with foreclosure notices during loan modification efforts

North Carolina homeowner Barry Lancett signed two agreements with Wells Fargo this year to modify the terms of his mortgage but still received a disturbing piece of paperwork: a foreclosure notice. His experience is one of the biggest frustrations for struggling homeowners - getting hit with a foreclosure proceeding at the same time a loan modification is being worked out with a bank.

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