This is what’s on the table today. Who knows what tomorrow will bring. Loan mods at the moment are thus:
“You cannot pay $2,000 a month and are $4,000 behind, why don’t you pay us $3,000 a month for the next 4 months and get caught up”
That’s loan mod today. Can’t afford to pay $2K, so the answer is $3K,, makes sense right ??
In addition, they whack your credit score and you are pretty much screwed no matter what, and still owe late charges.
Modifications are not reducing what is owed. You think that they are reducing principal on mods ?? Not that I know of….
I’m sure that you know, the worst loans were sold off on Wall Street, who knows where the paper actually is.
The servicing companies just do their jobs.
There will be major defualts but It may not be players that are well known. This is years away from being over.
