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Update on Mortgage Modifications

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25 January 2010    
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Update on Mortgage Modifications
Picture of homes.Homeowners seeking to avoid foreclosure as a result of economic hardships and challenges continue to seek trial and permanent mortgage modifications through the Home Affordable Modification Program (HAMP). The number of permanent modifications and borrower savings from both temporary and permanent modifications had accelerated by the end of 2009.
HUD and the U.S. Department of the Treasury announced results in an update on the Administration's nationwide campaign to help borrowers obtain mortgage modifications that are both affordable and sustainable. Officials are working to make trial modifications permanent and to ensure that servicers increase efforts to deliver decisions or provide information to borrowers seeking trial modifications.
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Key Findings
 
Through December 2009:

  • 902,620 borrowers received trial modifications.
  • Of the 853,696 active modifications, 66,465 were permanent and an additional 46,056 only needed borrower acceptance.
  • 100% of permanent modifications reduced interest rates; 43.2% provided term extensions and 26.6% included principal forbearance.
  • Permanent modifications reduced the median monthly mortgage payment by $516.
  • Borrowers in active trial and permanent modifications saved over $1.5 billion.
  • Participating servicers increased in number from 63 to 102 in the 4th quarter.

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