Too much equity can deny homeowners loan mods

(This is Part 1 of a two-part series. Read Part 2, "Let's make a deal: loan mod for 50% of price appreciation.")

A loan modification is a change in the loan contract agreed to by the lender and the borrower. The modifications of major concern today are those designed to reduce the payment burden on borrowers faced with impending rate increases that will make the mortgage payment unaffordable to them. Many are subprime borrowers.

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