There is a wild beast lurking outside the door of many homes in America. Its name is foreclosure. For some homeowners it's not the first time they have encountered it. It came snarling and threatening to take their home from them once before, and they were able to drive it off with a loan modification.
Now the beast is back at the door, as dangerous and close as ever, and homeowners are wondering if a loan modification could be used to defeat it again.
Fortunately for distressed homeowners, loan modifications are not strictly one-time use. Having saved your home from foreclosure with a modification once does not automatically disqualify you from getting another.