Home Is Where The Heart Is (Ripped Out Of Your Chest, Still Beating)

More than half of homeowners who have taken advantage of loan modifications have once again fallen behind on their payments.

More than 50 percent of homeowners with loans modified in the first half of last year had missed at least two months of payments a year later, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision said Wednesday.

But the results were better among those who saw their payments drop substantially.

About one in three borrowers whose monthly payments were reduced by 20 percent or more had fallen behind again within a year. That compares with more than 60 percent for borrowers whose loan payments were left unchanged or increased.

The report highlights a significant challenge for the Obama administration's plan to tackle the foreclosure crisis, backed by $50 billion in money from the financial industry bailout fund.

Some people are being helped by this, but the reality is all the loan mods in the world aren't going to help you if you've lost your job and your insurance rates have gone up again, and you car breaks down, etc.

Sadly, this is only going to get worse.