Getting a permanent loan modification has been like going to Vegas, it was a nearly impossible gamble with the odds stacked against you.
Previously homeowners were not required to document their incomes prior to receiving a trial mortgage modification. Trial modifications usually lasted three months, during this time the lender was to collect docs to verify the owner’s income. If the borrower met the monthly obligations, and submitted the required paperwork, the modification was supposed to be made permanent. Sadly, many homeowners failed to provide the necessary paperwork, or the lender lost it, resulting in just 66,465 permanent modifications out of the nearly 1.2 million trial modifications.
