The loan modifications program is a tool thats helping to stabilize the real estate mortgage market by assisting homeowners in keeping their homes. On the flip side lenders also reap benefits from modification programs.
Lenders benefit from loan modification by avoiding foreclosing on the property which almost always is a big loss for the lender. With current economic conditions potential losses from foreclosed properties is astronomical.
Tightening credit makes it even more difficult to get rid of properties once they are in foreclosure. Bankers and other mortgage lenders are in a no win situation in many cases.
Consumers and lenders are being pinched while the light at the end of the tunnel flickers in the distance. MyMoneyTruck.com has