Mortgage modifications failing?

[flippinout]

It is being said that the mortgage modifications are reaching homeowners to stop foreclosures as they are supposed to, and that the ones that are, are backfiring on the homeowners.

It is said that when loan modifications are written, that fewer than 10 result in principal loan reductions on the balance.

Also, when they are successful, the interest and fees are added onto the backend of the mortgage.

The percentage of reduced monthly payments for mortagees is only about 35 percent. 45 percent actually see increased monthly payments.

It is said that court intervention will be needed to oversee these modifications.

At the rate these modifications arent working, it doesnt look as though the amount of foreclosures will come down any time soon.