Is Loan Modification Possible For People in Foreclosure?

Banks and mortgage companies are more than willing to accept a reduced rate in lieu of another loan failing. There are so many bank owned homes across America and it is in the best interest of the bank or mortgage company to grant loan modification to numerous homes in foreclosure. They may require some upfront funds or require you to make some good faith payments for a few months before granting the modification so remember to set aside some money to offer for this. If you are in foreclosure and have vacated the property this is also a way for you to be able to move back home while going through modification.