So far, under the Obama plan less than 32,000 home owners out of the 700,000 that went through the three month trail period have actually achieved a loan modification. All these people had to be late on payments in order to apply for the program so their credit was badly affected. Then the three months were only counted as partial payments. Am I imagining this or is this some kind of sick joke?

More than 60% of home owners who got a normal loan modification from their bank were more than 60 days delinquent again after 6 months. Not very inspiring figures.

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Posted in Banking Loan Modifications Mortgage by admin No Comments Yet