Homeowners opt to flee instead of fight as loan modifications start to lose luster

Even when HAMP works, it doesn’t:

Recently, Airan-Pace secured a modification for a Miami Beach client that shrank his monthly payment from $3,700 to $1,600. But it was only a reduction in interest rate — allowed by the Home Affordable Modification Program to go as low as 2 percent.
“I called him in and he said, ‘I’m not signing this,’ ” Airan-Pace recalled.
He owed $470,000 on a property worth less than half that.

Homeowners opt to flee instead of fight as loan modifications start to lose luster

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