St Louis Real Estate – Permanent Loan Modifications under HAMP triples in December

Dennis Norman

This week the Treasury Department issed a report which included stats on the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program and “is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments”. The HAMP program got underway around March of this year and is set to expire December 31, 2012. According to the government website HAMP is intended to help keep “3 to 4 million Americans in their homes by preventing avoidable foreclosures.”

Permanent modifications triple in December from November:

According to the report there was great progress made in December with getting borrowers moved from the trial loan modification period to a permanent modification. Last month when I wrote about the November report there were just a little over 30,000 permanent loan modifications done since the program started, however the December report shows that over 112,000 permanent loan modifications have been done or offered to borrowers.

Here are highlights from the report:

  • Number of Trial Period Plan Offers Extended to Borrowers (Cumulative) – 1,164,507
  • All HAMP Trials Started Since Program Inception – 902,620
  • All Active Modifications (Trial and Permanent) – 853,696
  • Active Trial Modifications – 787,231
  • Permanent Modifications – 66,465
  • Permanent Modifications Pending Borrower Acceptance – 46,056
  • Total Permanent Modifications Approved by Servicers – 112,521

hamp-dec-2009-hardship-chart

hamp-dec-2009-chart-showing-activity-by-state

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