Permanent Federal Loan Modifications Near 300,000
The federal government says 299,092 permanent modifications have now been completed under the Making Home Affordable program as of the end of April. The number is up almost 13 percent over March.
The Treasury Department and the Department of Housing and Urban Development (HUD) say that 3,275,249 loans were at least 60 days late as of March 31st. In turn, there were 1,702,134 eligible delinquent borrowers and 1,487,594 who received modification offers. Oddly, not all borrowers accepted — 1,214,085 trial loans have been started.
So far 277,640 trial modifications have been cancelled, meaning in many cases that borrowers could not make lower monthly payments available under the program. In addition, 3,744 permanent mortgages re-defaulted, meaning — apparently — that the definition of “permanent” is not, well, permanent.
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