Why Loan Modifications For Homeowners In Foreclosure Are So Tough To Get

In a short article, The Consumerist points to the two key reasons why it is so difficult for a homeowner facing foreclosure to arrange a payment plan with a mortgage lender: lack of financial incentive on the part of mortgage servicer to rework the loans, and a system of securitization in which there could be hundreds or thousands of "owners" for each mortgage loan and no one in charge to talk to (other than the loan servicer who already may be giving the homeowner a hard time). For the article, see Why Few Seem To Be Able To Work Out Better Loan Terms.