Why Loan Modifications Don't Work?

Statistics have shown that a traditional loan modification does not work. Only about 9% of all loans in default have been modified and more than 57% of those loans that have been modified default within six months of the modification.

Dont lose your home to foreclosure

Dont lose your home to foreclosure

The three main reasons why traditional loan modifications don’t work.
  1. The homeowner either makes too much money or
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    not enough money. The bank wants to see that the homeowners can afford the new payments. If the homeowner makes too much money then there should be no reason for the homeowner to be behind to begin with

  2. Banks operate on what is called a debt to income ratio. If the homeowner has a debt to income ratio greater than 38% and in some cases 25% then the loan modification will be denied.
  3. Lack of organization, the majority of banks are so overwhelmed with the amount of loan modification applications that they often loose important documentation for the file resulting in months and months of miss-communication and ultimately a foreclosure.

If you or someone you know has put all their faith into the bank to do the right thing and modify your loan then you can call the moving company today. The homeowner is nothing more than a bad debt on the balance sheet. You need to be proactive rather the reactive when it comes to saving your home. This means contacting a legal foreclosure defense attorney or specialist. Foreclosure defense is truly the only way a homeowner has a real shot at saving their home. An attorney will be able to carefully review your loan documents and uncover the fraud and predatory lending issues that are in the loan, they will be able to tell if the note was assigned correctly as it was sold on the secondary market and if the party that is trying to foreclose has the authority to even do so. The biggest mistake I see is a homeowner that tries to be a cowboy and represent themselves in court. It truly is a David and Goliath battle but instead of having a sling shot you now have a bazooka. Ultimately you need to decide if you want to keep the home or not and if the answer is yes then foreclosure defense is the way to go.

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  1. Angela Dixon says:

    This message is for Adam Ackerman:

    My name is Angela Dixon and you recently helped out on a story for CBS Channel 2 News with Pam Zekman and her investigative team. I just wanted to send out a sincere “thank you” for doing that!

    Thanks to a cooperative effort from many, my husband and I, along with our 1, 4, and 5-year-old, get to keep our home. The loan modification has been approved at a payment that we can afford.

    Words cannot express how much everybody’s hard work, great or small, means to us.

    Again, thanks for helping out on the story!

    With great appreciation,

    Angela Dixon

  2. Foreclosure Defense says:


    Your welcome…we are so excited to hear that you will be keeping your home.

    That is why we love what we do.

    Please stay in touch


  3. dave lord says:

    I have a question , I have been trying to get my mortgage modified for the last year . I contacted my mortgage company (Wells Fargo) and asked for assistance . I was first put on some sort of relief plan for 6 months which lowered my payment to an affordable amount , I was told and I understood that this was only a temporary situation but was told that if I made my payments on time for the 6 months that I would be put in a loan modification plan which I was and then I was told that as long as I made these new payments on time that the loan would be modified .Now comes the issues , once I made the last trial payment my ex wife ( whose name is still on the loan as I was not able to remove her until I could modify the loan)filed for bankruptcy which only futher delayed the loan modification.I was contacted the other day by the mortgage company and advised that the “mock modification” has been sent out of which the new payment is still too high for me to afford as I have a first and a interest only 2nd both with wells fargo. My question is what exactly is a “mock Modification” and is there any way that I could negotiate further with the mortgage company to lower this amount as I really want to keep my home but I can not afford both mortgages on my income . Also note that I attempted to modify the second mortgage but was told that I make too much money for them to assist me . If all payments remain the same and based on my current income I would just have enough to pay the mortgages but nothig else ,which of course is not an option . any info or suggestions would be welcome as i don’t want to lose my home.

    thank you


  4. Foreclosure Defense says:

    This is exactly what these banks do. Give you a “Trial Modification” that ends up lasting 6 months or longer, while they string you a long making you think that they will approve a modification at any given time. To me this should be and is illegal….The worst part is that the banks continue the foreclosure process in most cases even though the homeowner is making trial modification payments. so when the verdict comes down that you did not qualify for the modification the bank has lost no time in the foreclosure process and can take your home without having to restart the clock.

    In your case it is my opinion that you find a really good foreclosure defense attorney…you can do this by going to Google and searching Foreclosure Defense attorney in your area. Try and find an attorney that uses bankruptcy as a last resort if you live in a judicial state. f you live in a non judicial state then a strategic bankruptcy may be exactly what you need. They will assist you in keeping your home depending on what stage of foreclosure you are in and hopefully be able to get a good modification for you.

    Read this article and make sure the fee structure they charge is similar to the one in the article. Paying $2500-$5000 up front may be hard to do


    Not sure what state you live in, but let us know if you have any further questions.

    The Foreclosure Defense Group