Loan Modifications Hard to Get

As homeowners sink further underwater — meaning they owe more than the falling value of their homes — inquiries about loan modification services are skyrocketing.

“We get 100 calls a week from people who want to do loan modifications,” said Matt Battiata, owner of Battiata Real Estate Group, with 15 real estate agents, who began offering free loan modification services last month. “Out of 100, we’ll probably do 10. The reason is we’re honest and upfront with people about whether they qualify.”

He says many homeowners don’t qualify because they either earn too much or too little.

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