For homeowners struggling to stay in their homes, a mortgage modification may be the way to go.
But before you choose that route, make sure the modification fits your needs and your wallet.
“Evaluating a mod [modification] offer is pretty straightforward,” said Keith Gumbinger, vice president at HSH.com, which publishes mortgage information. “Keeping in mind that a homeowner under duress may have little choice but to accept what is offered, there may not be a whole lot to evaluate.”