Mortgage modifications are becoming more common, and more lenient
Banks and mortgage companies have foreclosed on 5,000 residential properties in the St. Louis region so far this year. But a growing number of homeowners are managing to save their houses by convincing lenders to cut their monthly payments.
Borrowers just shouldn’t expect an easy time.
“Mortgage modifications” are becoming more common, and more lenient, although bottlenecks at mortgage servicers continue to frustrate homeowners. Many still are rejected and sent to foreclosure.
Latoya Williams is one of the lucky ones.