The first quarter of 2009 saw 800,000 homes go into foreclosure and April only added to that number bringing the total number of foreclosed homes well over 1 million for the first four months of 2009. The total number of foreclosures in April was 342,038; this was an increase of 32.
2. The advantage of having the reinstatement amount (total amount of late payments) deferred to the back end of the mortgage and added to the current principle.
3. A reduction in the actual principle balance of the loan
4. Has many of the same features of a refinance, without the high cost.
DISADVANTAGES:
1.You only get one shot at the Loan Modification so you need to get it right the first time. It is important that you make sure your mortgage modification sets up payment perimeters you can afford.
2. Your mortgage company does not earn money making you modifications so they will most likely offer you terms that are not actually helpful.
3. Due to the high rate of foreclosures there are an abundance of scams out there set up to take your money, that promise to help you with negotiations. To avoid these scams NEVER PAY A DOWNPAYMENT TO ANYONE OFFERING TO ASSIST IN A MORTGAGE MODIFICATION.
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