Dec 01
In reference to: “Mandatory Mortgage Modifications and the U.S. Constitution.”
Hand wringing aside… there is a new cottage industry in the mortgage world. It is called “loan modification.” Whether it is an attorney seeking to find remedy for a client wanting to stay in their home in an increasingly hostile economic environment or a something-for-nothing hope peddler seeking to siphon off the remaining cash from a strapped homeowner, the term “loan modification” has replaced “pay option ARM” as the product du jour.
What is a loan modification?
A loan modification is a permanent change in one or more terms of the loan.
Continue reading »
