Revising loan modifications 53 % defaulted again

Revising loan modifications

 As many as 53 percent of modified loans redefaulted within the first six months of the year, leading some critics to believe the initial modified loan payment was unaffordable for the majority of homeowners.  Prior to agreeing to a mortgage modification, homeowners should create a realistic budget to determine how much they can afford each month for a mortgage payment.  To help create a budget, consumers can visit the Internal Revenue Service’s Web site, www.irs.gov , and enter “collection financial standards” into the search box.  The search will direct consumers to pages offering guidelines of what they can reasonably expect to pay for food, clothing, housekeeping supplies, out-of-pocket health care, utilities and transportation.

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            http://http://www.nytimes.com/2008/12/21/realestate/21mort.html?_r=3&ref=realestate_r=1&ref=realestate

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