As I have stated in many previous posts loan mods are a racket! According to government reports, last week over half of the loan modifications that were done in the past nine months have already defaulted for people not adhering to their new plan. This equates to over 2.39 million people who are 60 days late on their payments which is up 13% just from the previous quarter. As a result the Obama Administration is continuing to pump more money into the system to correct this.. If you are a homeowner in this situation it is imperative to make your payment on time or reach out to your current lender and utilize some of the additional tools designed to prevent this type of fallout. Contact Team SchuCo to review your options of restructuring your current loan.