Private Mortgage Modifications Were Double Obama Program in 2010
Often people who fall behind on mortgage payments have suffered a temporary financial set-back and are able to resume making payments. However, many people are unable to reinstate their loan, which requires all the late payments, penalties, attorney’s fees, and court costs be paid to bring the loan current. Loan modification is when a lender re-works a deal and the borrower begins making payments once again. I was not at all surprised when I read the following article, describing how the so-called Obama Plan has failed to deliver, at BusinessWeek.com.