|The eight largest servicers:||Here’s what happened to applicants, as of December 2010:|
|No mod||Waiting||Got a mod|
|Denied||Trial cancelled||Currently in a trial mod||Non-HAMP mod||HAMP mod|
|American Home Mortgage Servicing||23%||2%||11%||37%||28%|
|Bank of America||29%||24%||8%||20%||19%|
|JPMorgan Chase subsidiaries||44%||9%||4%||29%||14%|
|Litton Loan Servicing||43%||10%||2%||33%||12%|
(Source: Treasury Department and ProPublica.org)
Who services your loan appears to have a big impact on whether you can get a loan modification or not. The table above shows the chances of getting a loan modfication based on the records of the 8 largest loan servicers at the end of 2010.
ProPublica.org has taken a pretty exhaustive look at all the aspects of mortgage modification.
A homeowner’s chance of getting a modification depends a lot on which company services the loan. In an analysis by Moody’s, Bank of America fared worst of all, providing less than half as many modifications as Ocwen, which specializes in servicing troubled loans…..
…..As you can see, the vast majority of subprime delinquencies at Bank of America, the nation’s largest servicer, haven’t been resolved either way. About 41 percent of Bank of America’s loans in this analysis hadn’t even begun the foreclosure process, despite an average delinquency of 13 months. Another 27 percent of homeowners were in foreclosure but hadn’t yet lost their homes-the average delinquency there is two years. – ProPublica.org
If you’re interested in how loan modifications are working, click the link and look through what they have compiled.