Florida Loan Modifications are not necessarily the answer

Modifications are not necessarily the answer

Many lenders, the media and even the President preach about loan modifications being the answer to the foreclosure crisis our country is currently experiencing. In theory this sounds like a good plan, but in actuality many of these so-called modifications fail and ultimately result in the borrower facing foreclosure nonetheless.

Read South Florida Business Journal Article

Some lenders are conscious of this problem and have started reducing principal and lowering interest rates, but until we see these reductions on a large scale, many experts believe we will see more and more borrowers continue to default. These are some of the factors that must be considered to see any form of a long-term recovery if our nation is going to rebound from the economic crisis we are experiencing.

Tim Quinones, Esq.

The Ticktin Law Group, P.A.