Making Homes Affordable Program – Where Are We Now?

According to Treasury Department estimates, less than 10 percent Life_Preserver_finalof delinquent borrowers eligible for the Obama administration’s foreclosure prevention program have received help so far.

Of the 2.7 million borrowers who have missed at least two mortgage payments, only 235,247 have received loan modifications since the $75 billion program was launched in March. The Obama administration is hoping to more than double the current loan modification tallies by November of 2009. 

To be eligible, you have to be 60 days past due in foreclosure or bankruptcy that started before 2009

Under the program, J.P. Morgan Chase has modified 20 percent, or 79,304, of its borrowers who have missed at least two payments. Saxon Mortgage Services, which is owned by Morgan Stanley, has modified 25 percent of its eligible delinquent borrowers. Citigroup has modified 15 percent, or 27,571, of its delinquent borrowers.

But other large banks are lagging. Bank of America has modified 4 percent, or 27,985, of its delinquent borrowers. Wells Fargo has modified 6 percent, or 20,219..

This is the first progress report on the administration’s Making Home Affordable program. Under the initiative, the government is offering subsidies to help lenders offset the cost of lowering mortgage payments for distressed borrowers. The President has recently taken the banks to task and asked for them to step up their processing rate so that 500,000 trial loan modifications are underway by November 1, 2009.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

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