The Wall Street Journal has an interesting article today regarding loan modification. Here are some of the highlights:

* More than half of mortgage modifications have left borrowers with the same or higher loan payments. The reason by the time the loan is worked out the borrower is so far behind in their payments the lender needs to include past payments of interest, principal, taxes ect..

* 38% of loan modifications resulted in higher payments

* 49% of borrowers redefaulted within six months after receiving a modified loan that had a higher payment

* 21% redefaulted who saw their payments decrease by 20% or more.

Based on the above numbers, do you think its time to throw in the towel on the loan modification idea?