Posted On: August 29, 2011
Are Banks Required to Give Me a Loan Modification on my Florida Home?
For the most part, the answer to this question is no. Banks are not required to give struggling customers loan modifications. Many economic experts attribute much of the US economic recession to the banks unwillingness to cooperate and work with homeowners who are struggling with mortgage payments.
There are federal programs that require banks to "consider" customers for modifications but there are very few government programs that force banks to give modifications. This is a major problem at this point especially when the country is trying to recover from one of its deepest recessions ever.
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