Foreclosure Prevention Has Saved 116,000 Homes

The Treasury Department has stated that 12 percent of borrowers who applied for help from the federal foreclosure prevention program since its inception one year ago.

At the end of January, approximately 1 million borrowers initiated the application process, or about 116,000 home owners, had their loans modified. Officials have said 76,000 additional applications have been approved and are awaiting approval.

Also, there are approximately 830,500 home owners currently in a trial modification review period. This is a time period given by banks to determine if payments are doable for a borrower and to ensure the qualifications of the assistance program are met.

The Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners’ pre-tax income.

An estimated 60,500 people have been denied permanent modifications.

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Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Explore posts in the same categories: Foreclosure

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