Homeowners Worse Off After Modifications

There was a recent article in USA Today about the Obama Administration's $75 billion loan modification initiatives. What's happening?

Lenders are slamming on excessive late fees, penalties and expenses. And then there are back taxes and other costs that have piled up to the point the payments become impossible. This is why so many modifications fail within a few months.

It's nothing more than another way for the Banksters to skim off as much of that government $75 billion as they can stuff in their pockets . . . without having any meaningful effect on mortgage modification. Once again, another Obama giveaway to Wall Street Banksters.

The best advice for many homeowners is to simply walk away from these homes. Yes, that may mean bankruptcy, but if you owe $300,000 on a home now only worth $100,000 . . . in most cases you are better off with bankruptcy and a fresh start.

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