Countrywide is an incompetent company, but this article bugs me. If you truly were defrauded on your loan or screwed over by your servicer- get a lawyer. Lots of laws protect you and a lawyer will take your case for free if its a good case.

But if you can’t afford your home- leave!

These loan “modifications” just keep someone on the treadmill of excessive debt and tied down to a house worth less and less every month. Instead of owing 110% of your income for house payment, let’s modify so you only owe 100% each month! No money to save for your retirement, your kids education, your vacation, etc.

Foreclosure is the smartest decision for lots of people, even if they don’t know it. They could spend half as much renting the same house and not be in fear of the calls from bill collectors each month. They can try homeownership again after saving money for the next seven years while home prices fall and their credit report gets cleaned up again.