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Is the Loan Modification Program Working?

As far as I can see it has been a disaster.  Over the past year and a half I have visited with someone new almost daily who was led to believe that they were eligible, only to find out later that they "just didn't qualify."

The typical story that I have heard involves someone contacting or being contacted by their mortgage company with the hope to reduce their monthly payment on their house.  Almost without exception they were told that they needed to be a few months behind on their house in order to qualify.  Four or five months go by, the mortgage company tells them every 6 weeks or so that they need a little more documentation, and then after 6 months they learn that they don't qualify and their house is up for a foreclosure sale.

In my opinion, the home loan modification program is an atrocity.  However, if you find yourself in this scenario you can still save your home through a Chapter 13 bankruptcy.

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