2009-05-06 — housingdoom.com
"Despite assurances from the Obama administration that foreclosure reduction programs that have been put in place will help increase loan modifications, the results have been less than spectacular. Will the government now step in and make modifications mandatory?
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supergirl1613 at 02:19 2009-05-08 said:
Even though results from these programs have not exactly been stellar, there are still many factors that go into loan modifications...it's not like everyone who says, "Ooh, I want a loan modification," can get one. Props to the South Carolina Supreme Court for taking a step in the right direction (halting foreclosure sales to give homeowners a chance to modify their mortgage). If a homeowner is that close to foreclosure, he or she might want to consider a loan attorney who specializes in loan mods. You can do your own modification, but it usually take a lot longer (up to 18 months) and unless you know exactly what you are doing, the risk of making a mistake is huge. Loan mod attorneys can often also find loopholes in your loan documents, which can get you a better deal. Permalinkadd a comment | go to forum thread
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