Loan Modifications - Fact or Fiction

Several articles out this week about just how poorly the entire process is being handled. If you didn't know that, I must apologize for this harsh announcement.

In several recent stories, the number of loans actually being permanently converted are ridiculously small at less than 4%. Large banks like BoA haven't been able to convert very few, 'To illustrate, Bank of America, one of the U.S leading banks has only completed 98 loan modifications from the160,000 that have applied. That success rate is so low you need four decimal points to even see it on a calculator.'

Yet, the masquerade continues. Here is an article with some valuable pointers if you are so inclined. Cut and paste into your browser, please.

http://www.marketwatch.com/story/lenders-a-failure-at-mortgage-modification-2009-12-18?siteid=nwhreal