I found an interesting article about Loan modifications at HousingWire.com

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 to go forward with the modification.
100 became 72

72 became 20

20 became 14
As you can see about 14% of delinquent loans successfully navigate the HAMP loan modification process. This program was established in February of 2009 with the promise that is would help 3 - 4 million Americans renegotiate the terms of their mortgages. Two years later, the program has permanently modified only 540,000 loans. There have been 1.5 million temporary modifications – but more than 800,000 of them have been cancelled.
If you are delinquent on a loan, or may become delinquent, contact me so we can explore other options for you. This is not the only way to get relief. Boost your chances. There are better options!!
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