Ok I'm up late and like past 7 months can't sleep worrying about my loan modification. It just dawn to me that a loan modification isn't even financial wise so why should I even keep at it? Other than allowing you to keep your home during a financial hardship because most of us love our home and want to keep the family stability. But if you think of it. Most of us applying for the loan mod are underwater that is why we can't just sell and move on. So from what I read of others getting their loan mod approved the terms seem to be at best 2% for first couple years then 3-5% for following years to extend it to total of 40 years. So now instead of a 30 year you have a 40 year mortgage commitment. Which means to me that the bank is making more money on this loan mod getting an extra 10 years from me. So let's say I already paid 5 years of a 30 years which leaves me 25yrs but if I accept the typical loan mod I would have to start all over again but at a longer term similar to rolling over payments when you buy a new car but you still upside on your old car. You end up eating it not the bank. So the last 5 years basically was free money for the bank. Unless there is a principle reduction this doesn't seem financially wise to accept a loan mod. Seems to me it would be better to save your money and let it forclose or better use the mortgage money you are not paying and buy a lower value house at lower payments if possible at 15 year term. So any feedback or anybody can convince me why getting a loan mod is financially sound? I guess one would be that it would not ruin my credit if I accept and continue to make payments. By the way credit was invented by the banks to screw with you so they have a reason to rape as much money from you.