Loan Modifications are not working anymore!

• Banks Want To Foreclose
  Banks do not have a financial incentive to modify mortgages any longer. Banks would much rather foreclose on the property today and get to liquidate it at today's market value. Their alternative is to most likely foreclosure on the property a year from now at a substantially reduced market value - it is projected that property values will decrease an additional 20% in 2011.

• 94% Denial Rate
  Banks are denying 94% of all modification requests. If the bank does give the homeowner a modification, it will most likely save them only a couple of dollars a month and will not reduce the principal balance.

• Endless Paperwork
  Every bank wants updated documents (bank statements, pay check stubs, 4506ts and so on). They will even lose your paperwork and set impossible deadlines to get them a new package. This is another tactic they use to discourage homeowners and make them go away.

• Misappropriation of TARP Money
  Banks misappropriated billions of dollars they took in the government bailout program. All they are doing now is playing a game with homeowners and going through the semantics of the modification process with no real intent of modifying.