Beautiful. Such a waste of time. If you are going to eventually leave your home anyways find a nice rental and move on.(Oh--I guess live there for free as long as you can though and trash it before you leave!!!) Let the banks have all these houses and deal with it so we can clean this mess up. (Obviously the banks will ride it out as long as possible--they don't care). The borrower will take the free ride as long as possible--then re-default because it's a losing battle, then finally move on. Nice cycle.
Win(banks),Win(some homeowners and attorneys), Lose ( taxpayers and the majority of the country who did nothing wrong)
I'm too tired at the moment to address the larger questions, but let me just say the following:
1. The term loan modification should be a synonym for (at least) reducing someone's payments. So, saying that loan modifications "don't work" is like saying that reducing someone's payments won't help keep them in their home. That is a stupid sentence.
2. A forbearance is not a loan modification... not in ANY homeowner's or rational individual's mind. The term has no place in a discussion about loan modifications.
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