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The main reason why banks generally are not doing loan mods is because of money. Banks make more money by foreclosing on a property then by approving a loan mod . Also, banks have an obligation to their investors to get the most return on investments for their investors. A loan mod reduces the return on investment.

Now if a bank sold the note and is offering a loan mod when they they are not the holder of the note in do course then they really have no authority to do so.

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