Loan modifications are not necessarily the answer to home owners need for loan mods .

In 2010, there may be up to 70% of all loan mods will re-default.

A blog by Tim Harris warns what homeowners don’t understand is that they will often be required to forfeit many ‘rights’ they may have. For example, we have seen loan modifications that literally make it so if the homeowner misses (or is late)on ONE payment their home is rushed into foreclosure. Another fun fact, most mortgage loan modification are only for 3-5 years with a balloon payment often times including ALL that they still owed including their late fees, missed payments….etc

Loan Modifications are clearly not what people think. Understand what mods are and aren’t…  Know what you are signing.

Its no wonder why, up to 70% of all loan mods fail…..

Source: SNL.com