BEWARE!

One thing that's becoming very obvious as we move through the third consecutive year of the foreclosure crisis is that sometimes a loan modification doesn't help the homeowner at all! This is largely due to the fact that when the mod was approved, the terms, though an improvement over the loan's original terms, still were set at levels that the borrower could not comfortably afford, if they were affordable at all. When negotiating a loan mod, you must keep in mind that a mod with terms still too difficult for you to comply with is as good as no mod at all. CAREFULLY examine terms offered to you for any modification. If they are workable, by all means give serious consideration to them. Take the additional precautions of discussing them with your financial advisor and attorney. Then, if the terms are still good, go ahead. Good luck!