Despite what the government says, the loan modification program was successful at only one thing: prolonging the foreclosure process.
There are millions of homes in foreclosure across the country and just as many millions of mortgages in default. Apparently some home owners thought loan modification would be a free ride and all their problems would evaporate.
Instead of curbing their spending, some homeowners are living in denial, thus digging their debt hole even bigger. This latest report highlights the foreclosure and default trends as well as some irresponsible spending stories of troubled homeowners.
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