Here’s what we know so far about the Obama administration’s loan modification program: JPMorgan Chase said as of November 30 it has offered 199,033 loan modifications this year to homeowners under the plan, known as Home Affordable Modification Program, or HAMP. Of those, just 2% have completed the mod process.  (Download the presentation HERE.) And the company said for every 100 “seasoned” mods offered: 29% don’t make required payments 71% make payments but of those 51% don’t submit all the needed paperwork or submitted documents that needed more work. To be sure, Chase also performs mods outside of the government’s programs. Including HAMP, Chase has offered 568,458 mods this year as of November 30 but only completed 15%. Bank of America has had somewhat similar results, according to a report by CNBC’s Diana Olick. Jack Schakett, a Bank of America “credit loss mitigation strategies executive,” told Olick that of the 65,000 trial mods set to expire Dec. 31st with the bank, a full two-thirds of the borrowers, while current on their payments, have not submitted the full documentation required to become permanent. “We don’t really know the major reason why the customers are not returning the documentation,” Schakett said. Here’s more from Olick: Well I can tell you why (and I’m sure he knows this too). The trial modification process only requires oral verification of income to begin, but to go permanent, you need to prove your income, submit your tax returns, and basically come clean with all your finances.

Read more here – Many loan mods offered, few completed