These numbers should come as to no surprise.  The Obama Administration reported earlier this week that the banks have completed 31,382 loan modifications under it's program, know as HAMP (Home Affordability Modification Program), as of November.  That amounts to just 4% of all loan mods in the entire program.  It also only represents 1% of all loans 60 days or more past due that are elibible for aid.  The other 99% are not getting any help!! 

It’s been clear for a while that borrowers are unwilling or unable to prove they have sufficient income to qualify for a permanent modification.

There were many more trial mods as of November: 697,026. However, that is just 21% of 60-day lates.

You can download the government’s report HERE but I warn it may depress you.

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