Are Voluntary Mortgage Modifications Working?

As many of my posts show, I do not think so.

The Government report states that less than 10% of loans eligible for mortgage modification have actually been modified, as reported by Andrea Fuller in the New York Times.

Most of these modifications are in default again after 6 months.

I think many of the homeowners are overly optimistic about what they can afford, but what the mortgage companies count as modifications is not the same as my definition.

I believe they count deferring a payment, or adding payments, to the end of the loan, as a modification. To me, you still have to pay the entire loan, so I do not see how it can help the homeowner.