Loan Mod Logjam Continues For 265,000 Homeowners; Failures Jump

New data released Monday shows that the administration’s mortgage modification program continues to be plagued by delays and disappointment for hundreds of thousands of homeowners.

Of the 1.2 million homeowners who have begun a modification in the last year, about 265,000 have been stuck in “trial” periods for six months, double the three months that trial periods are supposed to last.

The number of homeowners dropped from the program also continues to rise, meaning that many homeowners can expect to wait more than half a year for a decision from their mortgage servicer only to then be dropped from the program.

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