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Why Loan Modifiactions Fail
According to the latest report by the Dept of Treasury, loan modifications are failing at an alarming rate. Consider: of the 728,000+ attempted loan modifications done so far through the government's HAMP program, only slightly over 31,000 have been successful. Stated differently, if you attempt a loan modification, you have a 23% chance of success. Why can't people get loan modifications completed? Let's take a look.According to reports from banks, homeowners are to blame because they don't turn in the paperwork required, nor do they make trial payments. Homeowners, on the other hand, say mods are failing because lenders are losing paperwork, foreclosing on "accident," changing terms mid-stream, simply ignoring them, or denying them loan mods based on some mysterious formula.There are in fact many homeowners who can qualify for a modification who have decided they don't want one. These people who "failed to complete the process," probably came to the conclusion (after months of emotional hell) that it's best to ditch the home and start over. Once these families have been through 6 months of fighting with their lenders about a modification, they start to realize a few things:a.) their credit is already ruinedb.) the "fix" is somewhat iffy, and ... more

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