GSIG LLC
As of last month, only 116,000 of the more than 1 million American homeowners that started the process of modifying their home loans under the government’s Home Affordable Modification Program (HAMP), actually had their mortgages modified as of January 2010. The program was launched last year in an effort to help Americans remain in their homes.
Those are the latest numbers from the U.S. Department of the Treasury, who says the program is just doing what it was designed to do, despite the low numbers.
Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office, states: "Struggling families are receiving payment relief and the housing market is showing signs of stabilization.”
In total, homeowners have been extended nearly 1.3 million offers for trial modifications. Also, 76,000 additional modifications are awaiting the borrower’s signature.
In Florida, there have been 101,971 active trial loan modifications in January. Of them, 14,598 have been permanently modified.
South Florida ranks fourth out of 15 metropolitan areas with the highest HAMP activity, at 4.75. During January, South Florida saw 39,356 active trial modifications, of which 5,143 have been permanently modified.
This past Tuesday, Bank of America stated that through HAMP, their customers had been able permanently modify more than 12,700 mortgages.
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