Read the Hamp Handbook here. It will answer a lot of questions.

Lenders may but are not required to reduce principal balances in a modification down to 115% of the principal balance owing.

Lenders may not foreclose on a borrower who is in the process of modification until after the borrower is declined and other options have been considered.

A borrower in bankruptcy may proceed with a modification.

Unemployed borrowers can have up to six months of reduced payments will seeking new employment.

There are many other points these guidelines clarify.

 

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