Mortgage borrowers are offered help in several ways. They may have their rates lowered, balances reduced, be given grace periods or longer repayment schedules. But, surprisingly a number of homeowners who do get their payments reduced fall behind within a year.
This is one of the biggest challenges in the foreclosure crisis. With a weak economy employers may continue to cut jobs or salaries, thus increasing the challenge of a mortgage that has been modified.
More on this story – MSNBC.com
