Question: The banks have more restrictions to qualify for loan modification in which the homeowner must ruin their credit score, lose most, if not all, their savings (be it a IRA or regular savings) and pretty much beg to to pay a reasonable mortgage on what their house is now worth. Since the government bailed out the banks, how come the banks aren't helping the homeowners?

Answers

Posted By: loanmodpro on Nov 22, 2009 02:50PM

A: That is a great question and it is a very justified one. However, you have to keep in mind that ,many of the people who are currently in mortgage trouble did not really afford their homes to begin with and did not really qualify to get a home anyway.