Mortgage Modifications

[flip_it_fast]

Wow, I was reading a story about this guy on CnnMoney. He was paying $1,800 per-month on his mortgage with a 13.4% interest rate. He was able to have his loan modified and now he pays a $970 monthly payment with a 4.7% interest rate. Huge difference!

I guess almost all of the loan modifications that have happened have resulted in lower payments for borrowers.

The downside, only about 4% of the folks who need loan modifications have received them so far.

The thing is, when loans are made more affordable for people, they are less likely to default which results in lots of foreclosures and trouble for the entire economy.

So why aren't they working harder and faster to get things done?