Is the Making Homes Affordable Mortgage Program Working?

The Treasury Department has indicated that 759,000 borrowers who have been put into a trial home loan since the program began in March, only 31,000 have been switched to a permanent loan modification.

Lenders claim that a big problem with borrowers is they are not submitting their paperwork properly. Although, the increased efforts by lenders to help distressed borrowers are showing definite improvements for the more than two dozen lending institutions who are completing loan modifications.  

According to Treasury department figures for December, CitiMortgage and JPMorgan Chase are the most productive lenders, offering trial home loan modifications to 43 percent and 31 percent of eligible homeowners. Surprisingly, the largest mortgage provider Bank of America is the slowest in completing loan modifications at 15 percent of completed applications.

Are you in fear of facing foreclosure of you home? Now is the time to look into a possible loan modification. You may qualify. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

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