Are you considering a Loan Modification?

If you are one of the many homeowners struggling to make your mortgage payments and considering trying for a loan modification, don’t get your hopes up.  To date, only approximately 31,000 homeowners have actually successfully completed a loan modification.  That is only 4% of the actual amount of people who have done the paperwork and have tried to work with their lender.  The government is fast-learning that the banks themselves are to blame.  Good old Bank of America tops the list as the worst (surprise, surprise).  Apparently lenders aren’t as concerned about foreclosures as they say because you would think they would make good use of the programs available and help homeowners stay in their homes by simply lowering the monthly payment.  I certainly don’t think that a loan modification is the answer to all homeowners woes, but there are many that would benefit from an extra $500 a month and avoid a foreclosure.

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