I think more and more people are turning to loan mods to try and stop foreclosure. But many fail because they attempt to do it themselves without adequate knowledge.
Larry
Do you have a question that you are trying to discuss?
Is it a viable alternative for homeowners?
Is it a viable alternative for homeowners?
It depends on what their long term goals/plans are…
Not only do I agree with what Mdhaas wrote, but a Modification can also be used as a tool to just postpone a sale and get more time.
What many people do not realize is that sometimes “not always” a modification is not a fixed payment and it might adjust in 3 years like the original loan that they got that screwed them.
Many view a modification as a temporary bandage on a gapping wound and it can be many times.