Les Patton's (loanmodder) Blog

For mortgage lenders and loan servicers, providing loan modifications may be easier said than done. Lenders and servicers that want to modify mortgage loans that are in danger of failing are sometimes unable to, in part due to the contractual need to protect bondholder investments. New legislatio...

When it comes to reducing credit card debt, the advice is simple: just call your creditors and ask for a rate reduction. These days, credit card companies are slashing open lines of credit, reducing available credit and issuing new credit only to the A-level applicants. Can debt negotiation work ...

Many homeowners are facing a serious crisis. The values of their homes have declined, sometimes below the remaining mortgage debt. Those with adjustable rate mortgages may find that their rates have adjusted beyond what they can afford. Home equity lines of credit are being slashed, making it mor...

On the surface, loan modification sounds like a good deal for both the bank and the homeowner. In reality, the ability of a mortgage holder to modify loan terms can be frustrated by a number of factors, some of which are out of the control of both the homeowner and the mortgage lender.When a bank...

Since the beginning of the foreclosure crisis in 2007, homeowners have been looking for options to help them avoid defaulting on their mortgages. One of the most promising approaches is loan modification, where both the borrower and lender agree to modify the terms of the original mortgage.   For...