In case you are wondering why it is taking so long for loan modifications consider the following.  Actual numbers are now being published by banks and lenders giving a real picture.

Prior to today's announcement the numbers were averages for all lenders.

And the number of modifications granted by percentage of those attempted was in the 20% range.  Meaning that 80% of all attempted modifications were not granted as this time.

We now know by bank the top four granting modifications and what percentage they grant.

Citibank                                                                                  30%

Jp Morgan Chase                                                                 22%

Wells Fargo                                                                           18%

Bank Of Opportunity opps Bank of America                      11%

Don't see your lender or bank listed.  It means that there awarding of modifications falls somewhere below 10%  In a real report their percentage may read something like "the measurable results reported are so low as to not provide substantial information to determine percentage of success".

The next letter you may want to write should start with

Dear President Obama

Or

Dear Senator Reid

Or

Dear Assemblywoman Buckley

            Why don't you force lenders to modify mortgages and stop the mortgage crisis in America?

Short of that get ready for the continuing slugfest that we are currently in.

In the next few days you will receive a hardship package from Home 2 Home, please fill out the papers completely and fax and mail them to your bank or lender. 

Continuous paperwork is what makes things happen.  Sorry your bank or lender is so disorganized that they can't figure out a stream line way to do this.  But working together we can hopefully increase the results in your favor.

Rick

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