What is the real cost of a modification????

[Joel Fraser]

Thanks for reading. I am currently trying to get my loan modifications with attorney's on this website and there is a wealth of information, thanks. I am realistic though and I have a huge question that I have not seen answered or responded to anywhere.To the people getting the loan mods, congratulations. However, almost all that I have read are either 3 or 5 year temporary ARMS (band aids) to the real issue at hand. Are you really accomplishing anything long term or is this just a short term fix?Lets be frank, most of the people (myself included) have lost vast amounts of equity and most are negative, upside down in our houses. Our lenders don't want our houses because the market is bad and things have lost so much intrinsic value. What is going to happen when the short term band aids (loan mod's)are up, what is the interest rate going to jump to? Does anyone even know what the adjustment is going to be after the initial rate is up or are we held "hostage" once again to our lender's whim? Is is going to be some ridiculous amount like what we are all facing right now? The issue that I forsee is that right now no one wants our homes because of a bad market, whats going to happen in 3 or 5 years when the market has stabilized and its a sellers market and our lender now tells us to cough up the the additional 1-2% APR (especially since they gave us a "so-called" break) per month or they are taking possession of our homes knowing full well that the market has changed in their favor and they can unload it quickly? These are some tough questions that I think we all need to face. Sometimes if it looks like a duck, quacks like a duck and waddles like a duck, than by goodness, it must be a .....What are your thoughts?my .02 cents FWIW