Loan Modifications, what you really should know

What most people don't realize is that sometimes these loan modifications are a temporary fix. What I have found in meeting with people is that, they start to fall behind on house payments and try to refinance. Most times they are unable to, do to late payments, appraisals coming in to low, high debt to income ratio etc.. What ever the reason maybe they start to loose hope and they contact their own personal loan carrier and explain their situation. When homeowners hear that the lender is wiling to reduce their payments by half, the home owner is so excited that they finally have a plan that will help them save their house, they take the modification right away with no questions asked. What many people didn't realize or didn't know to ask was, "Is there anything getting added to the back-end of my loan? What are my payments going to adjust to?" Another words that half of mortgage payment that you did not pay is getting added towards principle and when your loan fully adjusts your payments are larger then before you modified your loan. If you where having trouble paying your mortgage, it's even harder when it adjusts. So please remember, these modifications are a temporary fix, get all the facts before you do any modification, you don't want to be in worse situation than you are now!