Mortgage modification issues.

[badmomma]

There seems to be several reasons that it is so hard to modify a mortgage. There is the practice of bundling mortgage loan and other types of loans together and then sellling them as bonds to buyers. When these mortgages need to be modified it can be impossible as some are help by thousands of people. Contacting them can also be very hard if not impossible so nothing can be done.

There can also be legal issues with modifying a mortgage. When one is modified the rate is usually lowered as is the loan amount. The persons who hold the bonds on these loans have to agree to take a lower return on their investment making this a no win situation.

There is no quick fix to the issues associated with mortgages and getting them modified. The government has been looking into ways to help stop the forclosure problem. They are running into the same problems that private lenders have been dealing with all along.