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But the state attorneys general will likely incentivize this type of loan alteration during negotiations over the settlement of a national investigation into the way these lenders dealt with home loans and foreclosures, the report said. Further, the investigators are “very likely” to make such loan agreement changes mandatory for some borrowers as part of the settlement.
Many consumers who could benefit from a home loan alteration are those who have so-called underwater properties – those that are worth less than the remaining balance on a loan. However, lenders are not willing to do so because it typically would result in their losing a considerable amount of money.
December 13, 2023
Mortgages