More On Loan Modifications
The first 2 paragraphs of this article makes me sick to my stomach but at the same time at least someone is being honest about contributing to this mess. This is yet another article describing the difficulty of getting a loan modification. My opinion is that if you happen to get one it is just postponing the inevitable and you are better off doing a short sale or foreclosures.
“Kellina Lawrie used to be a mortgage broker, pitching loans to borrowers who in the end couldn’t afford them. Her current job is working through the wreckage. Ms. Lawrie is one of thousands of J.P. Morgan Chase & Co. employees trying to modify mortgages for Americans who are in danger of losing their homes. “I feel badly for them, but I also have a responsibility to the bank,” says the 30-year-old Ms. Lawrie, who was forced to sell her own home and trade in her Mercedes for a Toyota when the housing market went bust.”