Home Loan Modifications; 148,305 Mortgage Modifications In California From Making Home Affordable Program

The home loan modification program known as Making Home Affordable Program or HAMP, released data from federal officials breaking down how the program is going in terms of the number of modifications various lenders have made and the number of modifications made from state to state.

California was reported to have 148,305 home loan mortgage modifications currently with the hopes that homeowners will avoid foreclosure and be able to stay in their home with a lower, more affordable monthly payment.

These numbers seem impressive and it’s certain that these 148,305 homeowners are very grateful for these modifications but is this enough?

In the home loan modification Making Home Affordable report the biggest lender’s data was shown and only around 24% of homeowners who were eligible for a home loan modification within the Making Home Affordable Program are either in a trail period or have permanent modification.

The program, as of the date of the report, is helping only one-fourth of the potential homeowners. Many lenders and homeowners are pointing fingers for difficulties in the program and lenders are being pressured to make home loan mortgage modifications permanent, so what should be done?

There are many who are seeking home loan modifications but are meeting difficulty the whole way. Yes, the program is working but is there more that can be done?