If you enjoyed Diane’s post about the difficulties she encountered in trying to get her lender to approve a short sale offer on her property (see Short Sale FAIL), then you may find this account (from the front page of this morning’s RGJ) of a woman’s attempt at a loan modification good reading: Local homeowners get the runaround on loan modifications
The print edition of this story also contained tables showing success rates of loan modifications by lender, and stats on Nevada loan modifications and repayment plans. [Note: I am presently trying to get permission from the RGJ to reprint the table. If I do, then I’ll update this post.]
UPDATE: Thank you you to the RGJ for permission to reprint the table below.
Source: Reno Gazette-Journal
If anyone has a loan mod experience (successful, or otherwise) he or she would like to share with the blog, please comment below. I’d love to hear your story.
One takeaway from the RGJ story is that homeowners in default should consider the Nevada Foreclosure Mediation program. According to the side notes for the article “the program has received nearly 3,900 requests in its first six months, or more than 10 percent of Nevadans facing default. So far, 1,821 mediation requests have been assigned to a mediator and 877 mediations have been conducted.”