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Loan Modifications Just Aren't Working!
My Take:   The bottom line is that mortgage servicers and investors don't have much incentive to do loan modifications. I always tell clients that the irony of loan modifications is that the people who can actually qualify for a loan modification, don't actually need one. The reality is that short sales have proven to be a MUCH more effective way for people to avoid a foreclosure than a loan modification.




Congressional Panel Report Says Foreclosure Mitigation "Largely Failed"
03/16/2011 By: Joy Leopold, DSNews.com
The final report released on Wednesday by the Congressional Oversight Panel (COP) regarding the programs and uses of money under the Troubled Asset Relief Program (TARP) paid special attention to foreclosure mediation programs, particularly the Home Affordable Modification Program (HAMP).
The panel pointed out that TARP is expected to cost much less than originally expected, and while that is in part due to careful planning and diligent management, it pointed out that "a separate reason for the TARP‘s falling cost is that Treasury‘s foreclosure prevention programs, which could have cost $50 billion, have largely failed to get off the ground. Viewed from this perspective, the TARP will cost less than expected in part because it will ... more

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