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Why Your Servicer Does Not Want To Modify Your Loan

Posted in Mortgage Modification

No Modification for You! by Chip Parker, Jacksonville Bankruptcy Attorney For the last few years, I have witnessed a steady stream of homeowners flowing through my office who are dumbfounded by their inability to get a mortgage modification.  And for years, I have been telling them all the same thing: YOUR SERVICER DOESN’T WANT TO MODIFY YOUR LOAN! The truth of the matter is that, of all the options available to a mortgage servicer to deal with a distressed homeowner, mortgage modification is the least desirable for the servicer of your loan. This phenomenon is discussed at length in a recent Washington Law Review article by attorney Diane E. Thompson entitled Foreclosing Modifications: How Servicer Incentives Discourage Loan Modifications, 86 WashLRev 755 (© 2011).  Ms. Thompson, who is Of Counsel at the National Consumer Law Center, adeptly dissects the...

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