I think most people who get loan mods have figured out it’s crap compared to anything else but they have settled in order to not lose the house…and they don’t talk about it.
There are some who really have never done anything smart in housing/investing and kid themselves into believing they have, via a loan mod. They are punch drunk. I have met a few, when you ask them about the terms they don’t know what they are. Or have a vague notion but don’t want to go there. So, I think BG is mostly right about the deal.
I guess there are some that are getting a good loan mod deal. I think sdrealtor has mentioned knowing at least one.
I know of people who have gotten a great bailout short selling inside the family. My guess it that this, or catching some other gain short selling is somewhat common.
