Even as experts brace for a surge in foreclosures this year, the portion of borrowers eligible for modification of their mortgages to help them keep their homes is shrinking, according to the federal agency that regulates national banks.
Most applicants who meet the income and other qualifications for loan modifications that would make their homes more affordable already have received assistance.
The result is that a wave of homes whose owners do not qualify for a loan modification or any other alternative are headed to foreclosure, said the office of the U.S. Comptroller of the Currency.
The rejected include those who don't have enough income to afford their homes even if their loans are modified, housing counselors said. Others turned away are those who can afford their existing mortgage but want a reduction in their loan balance simply because they owe more on a house than it is worth.
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