The Real Deal Miami

Loan modification path not always smooth

October 12, 2009 10:33AM

Kraig Weiss, an attorney in Weston, and his wife, Ana, are among the South Floridians whose attempts to hang on to their homes and alter the terms of their mortgages have sent them down the loan modification rabbit hole. After an initial modification offer by their bank was revoked, they sued to have it reinstated. The bank opted for foreclosure, even though the Weisses are still making payments. Nationally, about 500,000 loans have been modified, but that covers only 16 percent of eligible loans. The process hasn’t always been smooth, even when the lender’s goal of sustained revenue and the home owner’s goal of keeping their property are aligned. [Sun-Sentinel]