loan modificiation

Some Homeowners Worse After Getting Rushed Into Gov't Loan Mod Program

Some Homeowners Worse After Getting Rushed Into Gov't Loan Mod Program

Despite fulfilling every obligation under trial government-sponsored loan modification programs, some homeowners can end up far worse off than if they had never joined up at all, Propublica reports. That’s because if they’re denied a permanent modification, they have to pay the entire amount that was being discounted, often within a very short period of time. This pushes already strapped families past the breaking point.

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