Loan Modifications Increase
September 10th, 2009 categories: Buyer Resource, Seller Resource
The U.S. Treasury Department recently reported that 12% of delinquent borrowers are finding help under the Obama Plan for Making Homes Affordable.
Servicers have placed 12% of delinquent mortgages under modification or trial modification, up from 9% from last month. The pace of increase is exciting.
The program did start slowly, but they look poised to hit their first interim goal of 500,000 modifications by November 1, 2009.
We will keep you posted on any new progress. If anyone has any stories of how a loan modification has helped them, or how they have not been able to get one, we would love to hear your story.
