Seeking a Loan Modification

I came across an old Wall Street Journal Op-Ed piece from January 2010, “Why Mortgage Modification Isn’t Working” (Jan 20, 2010) in which the author notes that only 1% of mortgage modifications under the federal HAMP program had been successful. Since then, a lot of press and a lot of attention has been given to the problem, but although there has been some progress, it does not appear that major changes have taken place.

As of this writing (November 2011), the road to mortgage modification success is bumpy, uneven, winding and difficult. A recent survey I conducted among colleagues revealed that some are granted relief while others equally or more qualified are denied without rational explanation. My own experience as a foreclosure mediator confirms this. But with the right guidance, a healthy skepticism and realistic expectations, the process is still worth undertaking, for those whose financial situation makes them viable candidates. If you believe a mortgage modification is worthwhile for you, please link to our QuickList of 6 pointers to follow.

Recognized Quality & Experience