The Obama administration announced today that it’s refocusing their efforts on increasing the number of permanent loan modifications under the Home Affordable Modification Program (HAMP) through better outreach tools, borrower resources and servicer accountability.
They also announced that there are 650,000 trial modifications now in place and roughly 375,000 scheduled to convert to permanent modifications by the end of the year.
While this marks a definite improvement over the numbers that we heard last month that only 2,000 of the 500,000 trial mods had become permanent, it still falls way short of the intended target of saving 3-4 million from foreclosure.
Here’s the breakdown from CNBC’s Diana Olick
If you’re a homeowner looking for assistance with a possible loan modification, you can call 888-995-HOPE, or visit www.makinghomeaffordable.gov to learn more. We’ll also be posting tips and recommend links as time goes on.
Additional reading:
Calculated Risk: US Treasury Announces “Mortgage Modification Conversion Drive”
Firedoglake: Predatory lending has an ugly tail end
Naked Capitlaism: Quelle Surprise! Treasury Mortgage Mod Program Produces Zero Permanent Mods
