The title of this article regarding loan/mortgage modification has been the headline of many newspaper articles in recent years, suggesting there is a serious problem involved with home mortgages.
Bank or lender foreclosures on home loans have grown steadily the past few years especially, and there seems to be no end in sight for weary home owners who only wish to pay their bills and remain in their homes.
The growing foreclosure crisis has in turn affected the real estate business country wide, creating new and ever changing circumstances in the mortgage loan business.
The financial problems prevalent in the U.
S.
are also felt around the globe and many big money lenders have found themselves to be in financial difficulty as well.
What is referred to as a subprime mortgage crisis is apparently a real estate based problem that is ongoing and began approximately ten years ago, becoming a national emergency many lenders have been having difficulty dealing with or even understanding.
The need for loan/mortgage modification is proving to be necessary in order to see home owners remain in their homes and not being evicted due to failure to make payments.
The home owners who bought their house by means of an adjustable rate mortgage (ARM) that were so prevalent during the past decade are finding the interest rates have climbed severely, causing their monthly mortgage payments to rise tremendously, becoming well beyond what they are capable of paying.
Loan/mortgage modification programs, as laid out by the current administration, may prove to be just the help these frustrated home owners need.
Those who purchased their homes at inflated prices a few years ago, now find they cannot sell them for what they owe.
This has caused many to simply walk away from their obligation and face the consequences of their poor financial state later.
With assistance from the loan/mortgage modification program many are finding it possible to remain in their homes, realizing the American dream.