Loan Modification Relief Less Effective Than Hoped

“SINCE President Obama unveiled a mortgage modification program in March to help people who are at risk of losing their homes, housing counselors in the New York area have fielded hundreds of calls along the lines of: “How do I get one of those 2 percent mortgages?”

The answer has often been, “Well, it’s not that simple.”

Housing advocates who work with homeowners in foreclosure or on the verge of it say that while the loan modification program could help thousands of New Yorkers, it has been slow to get off the ground and a majority of people who have applied for help have yet to hear whether they will receive it.”

via Penetrating the Maze of Mortgage Relief – NYTimes.com.