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Does Mortgage Loan Modification Work?

The recent economic crisis has hit home, literally, people are loosing their homes. The nightly news usually includes at least one foreclosure crisis story but is there really a problem?

President Obama brought us a "Making Home Affordable Program" that purported to save home owners from foreclosure in 4-5 million cases. Banks were ordered to begin working with their customers to keep them in their home.

Did they work? One report says no, they have currently only helped about 6% of the eligible home owners. The Making Home Affordable program has a set target of 500,000 Cumulative Trial Modifications started by November 1, 2009.

The NACA is running A Save the Dream Program in what are being called "Foreclosure Fairs" where they set up loan modification experts and representatives from all the major banks to meet with tens of thousands of people in one day in a stadium or event center all with the goal of modifying loans on the spot. These appear to be much more successful than the rest and they recently began phone assistance for those who don't have an event in their state.

One person who wishes to remain anonymous stated that the cumbersome process of dealing with a loan modification request on your own is next to impossible. He says that he mailed his requested documents to U.S. Bank using certified return receipt requested and, even by faxing them twice, and both the first times the bank denied ever having received them. He was eventually denied a loan modification and never even received as much as letter or a phone call.

Another home owner Ms. Cottrell of Salt Lake City agreed by stating that after more than 40 hours she spent on the phone and in mailing requested documents she was denied and didnít even know it because they never contacted her after she submitted all the paper work and waited.


by Staff Writer / Nick J. West (October 7th, 2009)
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