http://www.minnesotasbankruptcylawyer.com Bankruptcy Lawyers in Minneapolis, Minnesota Mon, 30 Jan 2012 22:08:28 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 http://www.minnesotasbankruptcylawyer.com/effectiveness-of-home-mortgage-modifications http://www.minnesotasbankruptcylawyer.com/effectiveness-of-home-mortgage-modifications#comments Thu, 15 Jul 2010 15:44:25 +0000 Chad http://www.minnesotasbankruptcylawyer.com/?p=62 [Continue Reading]]]> Is mortgage modification effective at preventing foreclosure? I have been looking for statistics regarding the effectiveness of mortgage modifications and have not found any good evidence of the effectiveness of the program. I can report that with my clients most receive a small reduction in their mortgage payments, but most do not receive any large payment reductions with mortgage modifications. The process also seems to take between six months and a year to complete. Lenders forgiving principal on the loans is not common, which is probably the most effective way of preventing foreclosure.

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