You want to keep your house, avoid foreclosure, cannot afford the payments after that teaser rate expired, and you make a deal changing the terms.
Watch the fine print!
Even the Fannie Mae and Freddi Mac mortgage loan modification forms require you to waive your rights against the mortgage company.
What rights? All, of course, but think about Truth in Lending or other consumer statute violations that mortgage company may have committed, all gone when you sign the modification agreement.

Related posts:

1. Obama’s Loan Modification
2. Avoid Foreclosure
3. Avoid Foreclosure-Become a Cook County Politician