The housing market is a mess right now. Millions of Americans are unable to make their mortgage payments. When a mortgage goes unpaid for too long, then a foreclosure follows. This hurts the housing market more because every foreclosure drags the cost of homes down lower and costs lenders even more money. To answer this problem homeowners can now seek and receive a loan modification. But what happens with a loan modification?First of all, the entire point of a loan modification is to lower a m... more