A recent Treasury Department report shows that only about 9 percent of borrowers eligible for trial modifications under the Obama administration’s new plan have received loan modification help.  Despite the fact that millions of dollars have been given to the nations banks to assist struggling homeowners, the plan has met with little success. 

The report indicates that Bank of America Corp. and Wells Fargo Bank have started trial modifications for only 4 and 6 percent, respectively, of the eligible mortgages in their servicing portfolios.  JPMorgan Chase & Co. has started trial modifications for 20 percent of eligible loans, a much higher number. 

This report makes clear that the loan modification progran is not having the desired result.  We often meet with clients who are extremely frustrated with the lack of help they receive from their bank.  Unfortunately, many of these clients must file bankruptcy to save their house.  If you are interested in finding out more information about loan modification, or bankruptcy, please visit our website at www.mcguiregardner.com to see how we can help you today.