Mortgage modifications are a scam and a huge money maker for the lender. In fact, the lenders often string borrowers along as long as they can to take advantage of the PMI insurance, and ultimately start foreclosure anyway! Only about 1% of borrowers are approved and have their mortgages modified and often, the modified amount isn't nearly as low as the banks could have adjusted the payments and let hard working people stay in their homes. The federal government should join forces with certain individual states attorney generals to create laws and real concrete guidelines the will be enforced to modify mortgages permanently! This would take a huge bite out the number of foreclosures in this country!
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