California Loan Modification Activity Highest in Nation

California ranks the highest in loan modification activity as of March 2010 according to a Making Home Affordable Program Servicer Performance Report. California is followed by Florida, Illinois, Arizona and New York in terms of loan modification activity.

The report indicates that there are almost 160,000 active trial modifications in California. Trial modifications of "trial period plans" are only temporary modification plans while a homeowner waits for the approval of a permanent modification.

Consumers in states like California, Florida and Texas, though, are reporting trial loan modification nightmares. The most consistent complaint has been about being stuck in temporary trial modification plans for 7, 8 or even 9 months despite consistent inquiries to the banks about the status of the loan modification.  Homeowners are then being informed that they don't qualify for the program and receive a default notice on their mortgage.   

These loan modification nightmares aren't limited to one bank either.  Homeowners have told stories to us about their frustrations with CitiMortgage, Bank of America and Wells Fargo Bank.

Does this sound like your loan modification story? If it does, Phillips & Garcia wants to hear about your experiences with CitiMortgage, Bank of America, Wells Fargo or any other bank. Contact us to share your story.

Victims of wrongful foreclosure lockouts and seizures have rights. Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lockout or trash-out of a borrower's home. Although we are licensed in Massachusetts, we can associate with qualified attorneys in your state.