Loan Modification as Seen by a Lawyer

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The loan modification process has been such a nightmare because the banks don't really want to modify your loans. They get paid a lot more money if they foreclose because once the property is sold and there's a check that comes in, the servicers, the people who decide whether you get a modification or not, get whatever their costs and fees were reimbursed.

And that could be thousands and thousands of dollars that they never would have gotten if your loan was brought current and allowed to reinstate. Bank of America just had a whistleblower came out talked about how for the last few years, their whole [xx] program was a sham. They were taking people's documents and leaving them for months without even looking at them and then having a blitz every two weeks to see whose documents were more than 60 days past due and denying the modifications.

They don't really want to help. That's the problem with Wall Street and why Main Street needs to have people fighting for them and helping them through this process.

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