The loan modification process in not without negotiations, and if you are smart, you should use it in any way you can. In most cases, the first offer that is given by the lending company does not meet your long term goals. Therefore, you will have to renegotiate until you can find a common ground that is acceptable for all of you. Always remember that this is first and foremost, a business – so their main goal is to make money. Make sure that you do your homework by researching about loan modification so you won’t feel intimidated once they start bullying you with legal documents and arguments.
It’s sad but true -- there are many lending facilities that will use unscrupulous practices just so they can lure the borrower to agree on their own terms. Don’t fall into that trap. Do your homework so you can avoid a loan modification foreclosure from your bank. Believe me --- it’s worth saving your home.