Loan modifications are available. The media had has overwhelmed the public with different loan modifications that the government has proposed. Everybody has heard of the HAMP modification program, for example. However, it’s been our experience that they’re not very successful. It’s been our experience that the banks are just using these modifications as a collection device in order to get money. And what they do is they set up a probationary trial period for the modification and then they tell the owner if they’re successful, it will become permanent.

Out of a million temporary probationary modifications that were made last year, only 17 percent were converted to permanent.