The Treasury Department made a recent announcement that very few eligible homeowners have been helped by the government program to modify home loans to help prevent foreclosures.  The statement said that around only 9% of those eligible had been helped. 

Several banks received poor marks for the efforts in modifying loans.  Bank of America ,for example,  has only modified about 4 % of the eligible mortgages.  Compare that with JPMorgan Chase which has modified loans for about 20% of eligible borrowers. 

Officials are upset that more initiative has not been taken by some of the banks to re-modify the loans.  The Treasury Department has stated they will continue to follow the banks and encourage them to increase their efforts.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.