Are lenders and banks willing to do Loan Modification?
YES! Homeowners need to know and understand that the lenders and banks DO NOT WANT YOUR HOME AS MUCH AS YOU DO NOT WANT THEM TO HAVE IT! There are very sizeable expenses incurred by the lenders and banks attempting to collect and then foreclose. In the current market the chances are very good that the loan amount is greater than what the banks can sell for. This is resulting in huge losses for the lenders and banks. The Loan Modification process helps them mitigate their losses. Please understand that it is in the best interest of the lender to get you back making regular payments because that is how they make their money. They usually will try and work something out and get you making payments again.
