Given the terrible state of the economy and the real estate markets – and given the large number of subprime residential loans made during past years – many borrowers are looking for loan modifications as an alternative to foreclosure. Unfortunately, at least at this point there is not much that can be done for many homeowners, although this area is in flux and additional government and lender programs may become available. Obviously there is no point paying for loan modification work unless there is a good chance to modify the loan. (Where there isn't a good chance of modification, unfortunately there are limited options, such as bankruptcy, giving the lender a deed in lieu of foreclosure, possibly finding someone to arrange a short sale of the property or walking away from the propert...
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