The Truth about Loan Modification
There has been quite a bit about mortgage modifications in the news lately as we are discovering that the conversion rates for loan modification are dismal and those homeowners who have gotten modifications are re-defaulting at astonishing rates. The unfortunate aspect to these stories is that many distressed homeowners peg high hopes on “Obama’s Loan Modification” or “Home Affordable Modification Program” HAMP, yet only to have their hopes destroyed upon learning about the actual facts relating to this hopeful program. A lot of this is due to incomplete or simply wrong information floating about out there in cyberspace on the various fora or websites. And when you add emotional and mental stress on top of the misinformation, it can become a recipe for huge disappointment
We are simply living in unprecedented times where 14% of all mortgages are delinquent and some sub-categories are approaching 50% delinquency rates.
I am including here a report called The Truth about Mortgage Modification which has information which should help dispel some misinformation and point people in the right direction if they require help.
