The United States Treasury Department and the Housing and Urban Development (HUD) have announced the number of home loan modifications through the Home Affordable Modification Programme (HAMP) for the month of February. There were 91,800 loan modifications that had been approved by servicers and were just waiting for acceptance, while about 170,000 homeowners have obtained permanent loan modifications.
The programme has seen more than 1.3 million homeowners receiving trial modification offers on their existing home loans, and about 72,000 new trial modifications were started in February.
Households that have obtained a permanent modification status are saving 36 percent on average compared to their original mortgage loan payments. Those households who participated in the loan modification programme nearly saved $500 per month for their mortgage payments.
Those households that joined in the programme and showed on-time payment for one year, and followed the implementing guidelines were able to earn up to $1,000 to help pay their mortgage obligations.
Nevada and Florida had the highest mortgage loan delinquencies, with more than 20 percent of households being over 60 days delayed on paying their mortgage payments.