While the government-backed loan modification efforts are indeed up and running, those efforts are not without difficulties still. There was a good article recently over at CNNmoney.com outlining some of those snags. Here are some bits from that article:
Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars.
Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program in hopes of reaching its goal to save 9 million homeowners from foreclosure.