One of the main support legs in the Obama administration’s Making Home Affordable program announced earlier this year has been loan modification, but the process has been dogged by controversy and undermined by scams. Yet, advocates still believe if the applicants can survive the cure, some financial healing can be achieved.

Loan modification should not be a phrase subject to interpretation. It holds a hard and fast technical meaning: a permanent change in one or more of the terms of a borrower’s loan, allowing the loan to be reinstated, and results in a payment the mortgagor can afford.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top