Loan modifications are fraud, they trick you into thinking you are getting a modification, but you are signing a contract that strips your rights away and makes it easier for them to foreclose.
Chances are if you are eligable for a "modification" they have no claim on your property.
They have done it before....
You have to learn the secrets of the banks, ill open your mind a little.
I have spoken to a few bankers, all of them have confirmed the following (but you will have to take my word for it because I can't share their names for obvious reasons)
Long Story short, all loans are illegal, as the banks are never really loaning anything of substance.
When you take out a mortgage on say... a house, you sign over a promissory note, the bank takes this note on its books as an asset, and also records a liability 1 = 1 = 0 (balanced books).
the same thing happens when you deposit money (cash) at a bank, the bank records the asset and corresponding liability (read modern money mechanics page 6 for clarification)
Cash, Checks, and Promissory notes are DEPOSITS, and as such are in DEMAND DEPOSIT ACCOUNTS, what the banks do is exchange money (they are money changers) they take your money (p.note) and change it to FRN computer dollars and hand the money over to the person you purchased the home from.
Did you catch the fraud? The bank did not lend ITS MONEY, it lent YOUR MONEY.
It took your good faith and credit, monetized it and funded the transaction, the Federal Reserve dictates to lower financial institutions the limitations on how much debt they are allowed to monetize using interest rates and reserve ratios (fractional reserve banking).
The banks take this step further, as they violate several codes/regulations/laws and commit numerous frauds during the "lending process".
The bank also turns around, chops that note up into tiny chunks and places them into "investment pools", which they turn around and sell off to investors who are looking to get some money out of the exchange, the government typically pays off the investors within 9 months, and they do so for a reason, as once a NOTE is converted to a Security its lifetime is limited to the lifetime of a Security not a note, also by converting the NOTE into a SECURITY, it losses its status as A NOTE, and the mortgage becomes UNSECURED, (once you separate the mortgage from the note, there no longer is a mortgage/loan agreement... the agreement becomes NULL and Void)... not to mention that EVEN IF all this wasn't true, the NOTE IS PAYED FOR IN FULL NUMEROUS TIMES throughout this process. *thats like someone paying off your "debt" for you without asking you to sign a contract to pay them back (gee thanks mr. investor).
In retrospect, by securitizing a loan, the bank losses its status as holder in due coarse and as such losses SECURITY INTEREST and losses its rights to foreclose under the original agreement.
If the bank pulls off a successful foreclosure, they have essentially accomplished the following....
Taken ownership of real property (the house/land/car)
Taken investors money
Collected on Default insurance (credit default swaps)
Collected the money that is left in TRUST from the loan process
Collected whatever money they managed to extort from you before they tricked you into thinking you where in default (once a note is securitized... its impossible to go into default... despite what they would have you believe).
And they managed all of this with none of their own money being involved!
Also you should take into account that all of this constitutes unjust enrichment and the courts do not have the authority to grant unjust enrichment because it violates equitable principles.
I would also like to mention that for the period of time that they held the money that YOU CREATED WITH YOUR SIGNATURE, they where able to AGAIN FRACTIONALIZE IT and make more pretend loans to sucker more pretend borrowers into the "trap".
In the end of this, the bank could in theory make over 50 MILLION DOLLARS IN PROFIT, off of just one , 1 million dollar loan.
At the expense of investors, the government, the tax payer and the homeowners they are screwing of coarse.
How is that for profitability? put up ZERO DOLLARS and make 50 Million! based on a confidence Scam that the banks have been running for over 100 years!!! and people wonder why the national Debt is 15 trillion, and top bankers are making 100 billion dollar bonuses....;p.... every time they make a loan "New money" is created and is added to the National Debt.