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Loan Modification

: Mortgage Lender Implode-o-Meter

Loan Modifications, Alternative Solutions to the Foreclosure Problem

By Implode-Explode Heavy Industries

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" Recent projections estimate that by June, over 5 million homeowners will be heavily underwater. Let us define that a little more precisely. You are heavily underwater if the current market value of your home is only 75% of the balance on your mortgage. Between you and me, this means you are pretty screwed. The scary part is that if this projection proves true 10% of all US homeowners will be in this pickle; not the place you want an economy to be if you are trying to dig yourself out of a recession."

Full post as published by Mortgage Lender Implode-o-Meter on February 28, 2010 (boomark / email).

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