Jacob Worley Broker

Loan modifications continue to disappoint struggling homeowners. Many homeowners are still waiting to hear from their lender meanwhile the foreclosure process is moving full steam ahead. Loan modifications do not stop or even slow down the foreclosure process, additional fees and charges accrue while waiting for the lender to make their decision. Statistics are showing that 70% of loan modifications are not acceptable to the homeowners and by the time the loan modification is presented, there isn't time left for a backup plan. Most homeowners are not fully aware of their options and have not even thought about what they will do if the terms of the loan modification are not acceptable.

It is a very touchy subject, who gets the help first? Do the banks or the struggling homeowners? I have heard of a special refinance at 90% of the current market value, but what about the people who are working hard to make there payment? What if it is uncomfortable to work two jobs to make your house payment, do those people get to refinance also? Where is the line drawn?