It may as well be official–just about no homeowner is making it through the mortgage loan modification program.

The Treasury Department, as reported by USA Today, reports that only about 4% (yes, that’s FOUR percent!) ” of homeowners whose home loans were reworked through a government-led program have successfully completed a trial period required to get permanent modifications.”

Now, banks claim that this is because, in large measure, homeowners going through the program are failing to produce the needed paperwork in time.  But critics have long charged that the paperwork ,itself, is confusing, and that many homeowners simply do not understand what they are reading or agreeing to.

Then there have been stories in the press of banks and other mortgage lenders that somehow manage to keep misplacing the completed paperwork when a homeownner actually does manage to turn the documents in on time.

Clearly, this is not a program that is working or that ever will work and something needs to be done to make drastic changes or the foreclosure rate will skyrocket in the months ahead.

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