HAMP LOAN MODIFICATION SUCCESS RATE
January 2nd, 2010 Categories: Pre Foreclosures, Real Estate News
Loan Modification Report for December–
How many homeowners have found a long term solution through HAMP? The numbers show catastrophic failure!
At worst 4.5% at best 13%…
I have been keeping track of the two most important numbers in the Obama Administrations HAMP Progress report that comes out every month… The number of Trial modifications folks have entered into the program, and the number of permanent modifications, or folks that have been through the three month program and then qualified for and approved their final modification offer from the bank-
According to the charts: through November: (November’s numbers included)
Number of Active Trial Modifications
697,026
Number of Permanent Modifications
31,382
So only 4.5% of these loan modification starts have actually gone on th become a long term fix for families–
Now I’m sure this percentage will increase– Almost half of the 697,000 homeowners were added in September and October, so their numbers might start showing up as permanent modifications in January and February, but what about the 250,000 that were added before September, does this really mean that at best case only 13% of people will be able to find a long term solution through a loan modification?
Foreclosures and short sales will be the only solution for the other 87%?
I’ll keep you posted and revisit this on the 10th of January, when the December numbers come out…
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