Loan modification is becoming an increasingly more common tool used for homeowners trying to fight foreclosure.
Since 2006, nearly 2.4 million homeowners have lost their homes to foreclosure, and that number is expected to climb to six million before the bust is over.
First to succumb were the investor flippers, who turned their keys in to their lenders to cut their losses. Next came the below-prime adjustable-rate-mortgage borrowers, whose interest rates jumped to unaffordable levels.
Now the foreclosure bug is infecting the 12 million homeowners who are “underwater” because they owe more …