Most banks just aren't following through with loan modifications. I have yet to hear of anyone finishing the complete loan modification process. This process consist of a down payment, alot of paperwork, a probationary period where the borrower pays their new payment for 4 months or so and than finally a review of the file again and the last step where the bank actually creates a new mortgage.
What happens most of the time is the bank will ask for a large payment to start the process. Than they will give you your probationary payment schedule and once you complete that it seems many people are no longer qualified. You never get the new loan papers from the bank. My opinion would be to keep all that money and use it for your next place to live.
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