Mortgage Aid Program Continues to Move Slowly, As Homeowners Try to Hang On

The Obama administration estimates that it’s going to help as many as 4 million homeowners modify their loans. To date, “over 200,000” of these loan modifications have been offered, according to the Treasury Department. That leaves millions of homeowners waiting their turn.

Deborah Sherman from Oakland, Calif., is somewhere in that queue. She says she applied for a loan modification through the government’s program one day after it was announced on March 4. Since then, she says, all she’s heard from Chase, her loan servicer, is: It could take up to 90 days. Please keep waiting.