Commentary: Mandatory Mortgage Modifications and the US Consitution

Filed under: Mortgage Modifications — admin @ 6:03 pm

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.
(more…)

Stumble it!