Have you had any luck with Loan Modification?

Have you attempted to get your home loan modified? Were you successful? Or did the bank deny you? Have you seen family members or friends modify their loans? What was it like to communicate with the bank during this process? Did the bank ever lose your paperwork? What advice would you give to home owners considering a loan modification?

I would love to hear your comments below. Please share your story and feel free to use a pseudonym if that makes you feel more comfortable. Thank you.


I snapped the image above in Olivehurst CA while on an appraisal inspection today for a bank-owned property. I used the “Obama Cam” app on my Android phone. This application overlays an image of President Obama (17 to choose from) on any picture taken with my mobile phone. In light of recent news that Obama’s Making Home Affordable program has only seen 4.3% of applicants receive a modified loan, I think the image above is powerful. The photo simply juxtaposes a governmental program with a real life distressed situation (vacant lots surrounded by other property owners who purchased at the top of the market and are now struggling with a high level of foreclosure).

The truth is that many home owners are reaching out for help (modification), but not finding any. I’m reminded that good intentions in Washington DC do not necessarily translate to good results on “Main Street”. Let’s hope to see greater success in this arena during 2010.

NOTE: This image above is in no way meant to belittle the President, make a political statement for any political party, or even rant about the Making Home Affordable program. By the way, I do NOT do loan mods and I never plan to. I am a real estate appraiser by trade and I think this is a very important issue for conversation.


  1. JM says

    My husband and I are in a 90-day trial period with Wells Fargo, and it has been a nightmare so far. The bank lost our paperwork one time already.

    • Sac Ryan says

      JM, I sincerely hope that things work out for you. It’s too bad that banks do not often have a better system set up to communicate with home owners. I wish you the very best.

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