Is A Mortgage Modification For you?

Home loan modifications are designed to save homeownership, but they've also created a new mortgage maze pitted with "buyer bewares." Both government-sanctioned counseling agencies and local community service agencies concede they have been swamped recently by demand for loan modifications. The demand stems from a proliferation of federal, state and local level foreclosure relief and bailout efforts from both government and the private lending industry. Mortgage modifications have been around for years, but those recent relief efforts have raised the profile of the mortgage workouts as an alternative to foreclosures, short sales, auctions, and bankruptcy. The demand has opened the floodgates of loan modification services now offered by real estate agents, mortgage brokers, attorneys, government agencies, lenders, and other professionals. No matter where they start, homeowners seeking mortgage modifications are at the mercy of lenders. The workouts are often voluntary and, completed on a case-by-case basis, they frequently come without standardized

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