I have to say I had a very pleasent experience with my Wells Fargo's modification loan. Honestly I made one phone call to explain my situation and they told me not to make a payment and within 3 months the modification went through lowered my payment and my interest rate. I didn't have to do anything but sign a paper. It was a smooth trasaction.

A number of points to consider:
1) the economy has affected a lot of people
2) there is always the obligation to honor a contract one enters into (i.e. a mortgage)
3) the modification process has been a debacle eminating from the treasury department with demands being made on the servicers who are understaffed because of the volume of requests created by the hype.
4) About the time the servicer feels they can do something new rules come out of the Fed.
5) The bigger the institution the bigger the backlog and the more people it takes to process, it is like a snowball rolling down the hill.
6) The Fed recently beat up on B of A for not getting permanent modifications done in a timely manner but using the timeline published by the Fed it was impossible to meet mainly because the fed never gave the tools to accomplish the task.
7) There is a lot of hype pointing to the lenders but they did not create the problem, the government did and now they are pushing programs not thought out down the throats of the lenders.

And, oh by the way, I administer the modification process for a major lender. Most lenders and modification departments are working their tails off to help but the task is a mighty one. We work a triage method taking the most serious cases and putting them first to keep people in their homes. The result is that some who are not yet delinquent or past due must wait but we do explain this when taking in the application. Then there are others who waste our time because they just want a hand out --- that paperwork, too, is required to be processed.

And it's not over yet, the local economy is still struggling. Janesville is not done, wait until the GM sub pay goes away, there'll be another surge of foreclosures. And then there are all the option ARM resets that will come due in the next year or two. Hang on, folks, this is going to be a bumpy ride and if you aren't affected, count your blessings!

This reminds me of a presentation done by the ED of the local literacy council. Her point was to show how difficult it could be for people with low literacy to function in today's world. It was last spring after the huge bank bailout had been passed. She brought in the forms that a bank would need to fill out to get some of that money. It was 3 pages of mostly signatures with very little information requested. Then she showed us the 7 page document that needed to be completed to apply for foodstamps with little tiny 9 point type on it where they asked for mountains of information. I think this is known as bureaucracy.

ANDREW>>> MAY YOU SHOULD NOT LIVE UNDER SOME ONE ELSES ROOF.. OH WAIT YOU SAID THAT YOU HAVE 3 CRAPPY JOBS TO MAKE YOUR PAYMENT... WHAT YOU ARE NOT TALENTED ENOUGH TO FIND ONE JOB ,, I KNOW FLIPPING HAMBURGERS 6 NIGHT A WEEK BECAUSE YOU LIKE THE FOOD AND YOUR VIDEO GAME.... We had a Loan Mod before the gov't changed hands, and it took the better part of 3 1/2 months to complete.. My bank (BTW was not one of the GOV"T BAILOUTS) informed me that it would take up to 4 mos to complete.. in fact we are going to do it again,, mainly because of Health Issues (Cronic Health Issue) ... SO (YOU MORON) GET OFF HER BACK AND GO BACK TO YOU "WORLD OF WARCRAFT" GAME AND USE THAT HIGSH SCHOOL EDUCATION ( I AM SURE YOU HAVE ONE) AND GIVE YOUR LITTLE SISTER HER COMPUTER ( I KNOW SHE IS PROBABLY MORE INTELLIGENT THAN YOU!!!!!!

HERE'S SOME CAPS FOR YOU ANDREW....... GET BENT!!!! Learn whet you're talking about before you open your cakehole!

FFANDREW, oh, wise one...your CAPS LOCK is on.

Also, your mom needs the computer.

*the part of the loan you are behind on*

andrew maybe you should do your research. this loan does not have ANYONE pay for the loan except the people who have it. it takes the part of the loan and put's it at the end (making you pay double interest on that portion). the only people who suffer from this are the banks because it forces them to renegotiate your loan witch they would not due in anyother circumstance. next time before you spout off your mouth you should at least have a small amount of knowledge of what you are spouting off about.

Brushing your teeth, making your bed and changing your underwear at least once a month because your Mom makes you, In order to live in her basement.. Do Not count as 3 crap Jobs Andrew...

I DON'T CARE WHAT THE CIRCUMSTANCES ARE. THE GOVERNMENT SHOULD NOT BE RESPONSIBLE FOR YOUR LIFE. FIGURE IT OUT ON YOUR OWN! USE YOUR FRIENDS AND FAMILY, NOT ME!

FFANDREW, you are a JERK

maybe she was living within her means at the time. maybe she lost her job like a lot of other people. maybe you shouldn't spout off about something you know very little about.

MAYBE YOU SHOULD LIVE WITHIN YOUR MEANS. MAYBE YOU SHOULD HONOR THE LOAN YOU TOOK! WHY SHOULD THE GOVERNMENT AKA ME, THE TAXPAYER BAIL YOU OUT! GO FIND WORK! I MANAGE TO WORK THREE CRAP JOBS TO HONOR MY OBLIGATIONS!

And this is the same government we are going to give our health care administration to (1/6 of our economy) ??? 45 days for an answer after losing the papers--wonder what the response time will be when someone needs surgery? Those politicians just don't get it.