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Let's face it, if a loan modification isn't making someone, somewhere some money, why would they do it? When it comes to money, nothing is done out of the goodness of anyone's hearts. A report that recently came out from the National Consumer Law Center reports they are finding it is cheaper to foreclose on a home than to work with the homeowner on a loan modification. To understand this, you have to understand that the loan you took out with your local bank is no longer owned by that bank. The bank sells the loans off to investment trusts. These … (2 comments)
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