Here is a collection of voluntary mortgage loan modification programs from various lenders in the United States collected by the National Consumer Law Center, America’s consumer law experts.
Some lenders will modify and some won’t. Mortgage modification agreements are being offered by some lenders. But all mortgage modification agreements are not equal. Here’s what’s happening in the real world, today.
Relying on lenders to do voluntary mortgage modifications has not been successful thusfar. Less than 10% of the voluntary modifications result in reduced principal, more than half capitalize the unpaid interest onto the loan balance, and a third of the modifications reduce the monthly payment while almost half have monthly payments increases.
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