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The question on the lips of many is whether the servicers gain from foreclosure rather than from modification. This is causing HAMP to be failing in meeting targets.

Speaking on behalf of the servicers Paul Koches of Ocwen said that modification leads to a gain for the servicers. The job is easy when all the interested parties are satisfied. Ocwen’s work is jut to send out the bills and collect the payment. When the house owners default there has to be increased staff to field calls, manage piles of paper work and extra dollars to be paid as legal expenses. Ocwen is a small servicing firm but has one of the largest mortgage modification rates.

On the other hand Mark Seifert of ESOP (Empowering and Strengthening Ohio’s People) contends that foreclosures are more beneficial to the servicers than modification. They add on fee over fee which is pocketed entirely by them. Once the borrower is out they have nothing to do with the hassle of the loan.

The rates charged by the servicers for mortgage negotiations vary from one to another. The smaller companies charge more modest rates.

A spokesperson of JPMorgan Chase Mary Kay Bean said one of the major hurdles is to obtain current documents from the borrowers. Chase has enrolled 280, 000 borrowers in the trial run period. Of these 178, 000 were covered by HAMP. The monthly payments of 94% have been decreased. But a mere 26% continued to make the 3 consecutive payments during the trial period and or submit proper documents. Till the end of October the fate of 98, 344 loans remained undecided.

Koches commented that he had apprehended a wave of foreclosures gushing in and the firm had accordingly got itself prepared to meet the onslaught by nearly doubling its staff during the previous 2 years. He said modification can be considered a science. The modified rate has to be acceptable to both sides – the borrower and the investor. Moreover it has to be more than what the house would be bring in from the market. He said, “We have an understanding of the psychological pressures that folks are under. It's usually a product of other things that have crept into their lives.” Bigger banks have started to emulate the steps taken by Ocwen as regards loan modification. Koches explained, “We're an independent servicer, so we're really set up better in terms of structure, technology and expertise.”

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