Loan Modifications Only a Band Aid

[flip_it_fast]

This isn't good news. I just read that half of all loan modifications that were done to help people keep their homes have already become at least two months behind. Thats within just one year of them getting the modifications. In other words, it seems as though the mods are only a temporary band aid for a much bigger problem.

They are working on the modifications to make them better. Lower interest rates and lower monthly payments do help but for many, it's just not enough.

Too many people have bitten off more than they can chew. They bought more house then they should have to begin with and many of them thought they had secure jobs. Well, these days, there is no such thing as job security. Thats a thing of the past.