Two large banks decided to go against the Obama administration by refusing to lower mortgage balances. The administration has emphasized the idea of reducing loan principals for the millions of families facing foreclosure in the past month, but an official from JPMorgan Chase said the plan would not work. He said the reductions could ruin the chances for future homeowners to get loans. He also said it would reward irresponsible homeowners for consuming more than they could afford.

A Wells Fargo representative also said the solution was not realistic for everyone. The Treasury Department countered that by saying the number of permanent modifications in March increased 35 percent from February to 230,000 households. The Department also said it was still creating programs designed to reduce mortgage principal and rebalance the economy.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.