Last year saw a record number of Hoosiers trying to save their homes from foreclosure by modifying their mortgages.
The Homeowners Preservation Foundation reports there were 5,000 mortgage modifications in Indiana during the third quarter of 2008. That's four times more than in the same period of 2007.
Mortgage modifications have become a key tool to reducing home foreclosures. Homeowners can make mortgage deals that possibly lower or delay their monthly payments. They make financial sense for mortgage owners because they keep the money flowing from homeowners.
But not all homeowners have been able to save their home through the process. Nearly half of the mortgage modifications result in higher mortgage payments, and some end up back in default.
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