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Why Banks Prefer Foreclosures over Mortgage Modifications

[ true loan modification must include a principal balance reduction that reflects the current market value of the home.]

Once you do that, it fails the NPV test, making it better to foreclose.

You see, this game is more complicated than people think it is.

The loudest commentary seems to come from those who've done the least amount of homework, or have ignored the information contrary to their pre-determined viewpoint.