Homeowners believe that their bank has their best interests at heart. They believe the people in the loan mod department with the bank that tell them that their loan mod is “in process” and with just a little more information, the loan mod will be granted.
IT IS A LIE!! THERE WILL MOST LIKELY BE NO LOAN MOD!!
Our experience and the experience of others in this field show that the VAST MAJORITY OF LOAN MODS ARE DENIED!
Less than 35% of loan mods are ever granted and fully 60% of those fail because the “modification” doesn’t truly address the issue of making the loan affordable for the homeowner. While there may be some reduction in monthly payment, there is NEVER a reduction in the principal balance of the home to bring the loan in line with current market values and even the interest rate on the loan may be adjusted only slightly. The result is that even after getting a loan mod, the homeowner CANNOT AFFORD THE LOAN.
Our experience shows the true success rate of
loan modifications to be less than 15%
If you don't believe it, below is a news report from CNN:
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