by Jason Jones, J.D.
August 4, 2011 (San Diego)--As a bankruptcy attorney, I meet with clients everyday who struggle to make mortgage payments on their homes. Most of these clients participate in their bank’s loan modification program. But despite government pressure on banks to offer loan modifications, the sad truth is that most clients will never actually receive a modification.
Despite this fact, the bank’s programs will “consider” every applicant; no matter how likely they are to ultimately qualify. While it seems like this over-inclusiveness would be good, or at least neutral, it is in fact harmful to the struggling homeowner.