Banks are up to their usual tricks. It seems as if nothing has changed. We pass laws and they laugh at us. Here is more proof.
The IFR settlement gives loan modifications—which keeps people in their homes—and short sales “equal footing” by providing dollar for dollar credit for both foreclosure alternatives So it’s possible for servicers to meet their required goal of providing $5.7 billion in mortgage assistance by offering only short sales and deeds-in-lieu since there are no limits on what types of relief must be provided. That does not bode well for loan mods. The amount actually approved is ridiculous.
Here are 2 links to the actual number of loan modifications. Read and weep.