Even though everyone (the government and the mortgage banking industry) says they are doing their best to help do loan modifications--or 'loan mods' for short--for distressed homeowners, it is apparently not happening nearly as often as it should be. Why is this?
The first is from Yahoo! Finance and gives updated stats on just how few people are being helped in reality from the pipe dream that is loan mods.
The second is from the San Jose Mercury News and discusses some ideas why so few may be happening.
Have you thought of applying for a loan mod? Perhaps you have already? What has been your experience?