Bank of America Loan Modification
Bloomberg.com reported that Bank of America, which took $45 billion in TARP funds, was one of the worst performers among the biggest United States banks in modifying loans for struggling homeowners. As of Aug.5, 2009 they had only modified 4 percent of eligible loans. By November, that percentage had crept up to 14 percent. Bank of America has improved their mortgage modification eligibility review process, but still lacks on execution, say watchers.

Chase Bank Loan Modification
Chase Bank is one of the lenders/servicers participating in the HAMP government program. As of November of 2009 Chase Bank has only put 32 percent of its eligible delinquent loans into trial modifications. he PBS current affairs program “Bill Moyer’s Journal” revealed the head of Chase would rather foreclose on homeowners than modify their loans. Their rationale was that it was simply more profitable.

CitiMortgage Loan Modification
As of November 2009, CitiMortgage had put 40% of it’s eligible delinquent loans into trial loan modifications. This is the second highest percentage among the largest servicers. In November of 2008, Citi announced preemptive initiatives to help homeowners
remain in their homes. On the negative side, Forbes.com reported that Citi’s mortgage delinquencies were increasing in 2009, from $10.2 billion in the second quarter to $12.5 billion in the third quarter.

IndyMac Loan Modification
ACORN included them in the group known as the ‘home wrecker 4’. The bank’s modification process is long and in many cases the end result is negative.
The problem lies with the fact that there are many investors involved who may own your mortgage.
They have the final say in who they wish to assist and who they don’t want to assist. In many cases, these investors are not interested in assisting homeowners with their mortgage payments, if they are current or even if they are delinquent. They are more interested in liquidations and finding a better homeowner.
Bank officials will not consider a mortgage modification, if your home is a investment property, second home, or you are unable to provide detailed income information.
Litton Loan Servicing Loan Modification
Also included in the group known as the ‘home wrecker 4’ by ACORN. The modification process is long, and in many cases the end result is negative. Don’t even expect a call within 30 days from Litton Loan Servicing.

Saxon Mortgage Loan Modification
Saxon Mortgage Services is not a lender but a loan servicing company for many investors. In 2009, Saxon put 44 percent of it’s eligible delinquent loans into trial modifications, the most of all the largest servicers.
One of Saxon’s biggest issues is that when it was purchased by Morgan Stanley in 2006, it was servicing approximately 165,000 loans.

Wells Fargo Loan Modification
Bloomberg.com recently reported that Wells Fargo was one of the worst lenders trying assist struggling homeowners with mortgage modifications; In November, it was reported that Wells Fargo put 29 percent of it’s eligible delinquent loans into trial modifications.
Although they are not noted as being one of the worst, they are taking positive steps to assist the struggling homeowner. They recently unveiled Project Lifeline which is a modification program designed for those homeowners who are in a subprime mortgage and are facing interest rate increases in the near future.