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The federal government’s loan modification program, intended to help people save their homes by lowering payments, remains mired in long waits, denials of permanent modifications and shockingly large bills at the end of failed trial modifications.
One homeowner owed more than $21,000 after his lender denied him a permanent modification, even though his income was the same as when it approved a temporary modification.
“They string me along for nine months. These are nine months I’m getting further behind,” said Patrick Dinunzio, 61, of Romeo.
In Michigan, 30,625 loan modifications were completed in April, down 9% from March. There are roughly 90,727 Michigan homeowners eligible for loan modification, according to Free Press calculations.
