Home Loan Modifications increased to 45 percent for February 2010

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[Best Syndication News] The United States Treasury along with the Department of Housing and Urban Development (HUD) announced February's data for the number of loan modifications that occurred through the Obama Administration's Home Affordable Modification Program (HAMP). There was 170,000 homeowners that were able to gain a permanent loan modification on their mortgages while another 91,800 loan modifications have been approved by servicers and are waiting for the loan borrower's acceptance.

The program has seen over 1.3 million homeowners receiving offers for a trial modification on their existing home mortgage loan. There was 72,000 new trial modifications that started in the month of February.

Those that have made it to a permanent modification status are saving on average 36 percent compared to their original mortgage loan payment. On average these participants in the loan modification program saved around $500 each month on their mortgage payment.

Those that enter into the program and show one year of on-time payment and following the guidelines outlined are able to earn up to $1,000 to help pay off their outstanding mortgage balance.

Florida and Nevada had the highest mortgage loan delinquencies with over 20 percent of them being over 60 days late on making their payment.

For more information about the loan modification program you can visit http://www.makinghomeaffordable.gov/

By: N Wilson

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