Loan Modification? What are your chances?
Posted by Help Now on
I found an interesting article about Loan modifications at HousingWire.com
Bank of America took 100 random mortgages which were delinquent on their loans. They tracked these loans through the path to loan modification to see how successful the HAMP program is working. What did they find? Out of 100 loans how many do you think successfully navigated the HAMP path?
The HAMP Path
Before anything can be processed the bank must contact the owners of the delinquent loans. After trying to make contact with these 100 owners, Bank of America had to mark 28 of them as unreachable. They made 110 phone calls to each owner and delievered eight customized letters to them; but received no response. With no response from the owners they were unable…
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