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Government Loan Modification Program Results:
1 in 4 Homeowners got Principal Forbearance
Median Savings: $500 a Month
The government has released the results of the "Making Home Affordable Program"
( Obama Mortgage Plan) in 2010.
It seems that things are improving. More permanent modifications are being given
and the number of people being helped has increase.
The program includes Loan Modification for those homeowners that are late in
their payment or underwater; and Refinance for homeowners with equity in their
homes.
The results of completed mortgage modifications through December 2009 are:
|
CHANGES HOMEOWNERS GOT WITH NEW MORTGAGE |
||
| Interest Reduction | 112,521 | 100% |
| Term Extension | 48,609 | 43.2% |
| Principal Forbearance | 29,931 | 26.6% |
| Median Savings in Monthly Payment | $516.14 | 36.38% |
|
CHANGES HOMEOWNERS GOT IN THEIR MORTGAGE PAYMENT |
Before | After |
| Median Monthly Payment | $1,418.93 | $829.96 |
| Housing Debt to Income Ration ( Monthly Housing Expenses/Monthly Income) | 45% | 31% |
| Total Debt to Income ( Including housing, credit
cards, car, etc/ Monthly Income)* * Some homeowners are "require" to go through Debt Counseling (consolidation) |
72.2% | 55.1% |
|
TOTAL NUMBER OF HOMEOWNERS HELPED |
||
| Homeowners that Started a "Trial Period" Modification ( since the program began) | 902,620 | 100% |
| Total Permanent Modifications Approved | 112,521 | 12.46% |
| Total Active "Trial Modifications" | 787,231 | 87.22% |
|
HARDSHIP REASONS FOR
MODIFICATIONS |
|
| Loss or Reductions of Income Refers to borrowers who are employed but have faced a reduction in hours and/or wages) |
51.8% |
| Excessive Obligation | 11.2% |
| Unemployment | 5.6% |
| Illness of Principal Borrower | 2.7% |
| Other | 19.3% |
If you want to read the complete official report by the Making Home Affordable Program, you can see it by clicking here
Remeber that you can do your own obama loan modification (click here for instructions), you can ask for help from one of the FREE government approved agencies ( fill out the form on the right to see the ones close to your home) and/or request a FREE consultation with a private loan modification agency that will let you know if you qualify and what your options are (we get a referal fee if you talk to them)
List of FREE Housing Agencies in your Area
