Loan Modifications in 2010 more Successful

Loan Modification Plan

Loan Modification Plan's Better in 2010?

A report issued this week from the Office of the Comptroller of the Currency indicates that approximately 10% of borrowers with a 2010 loan modification were three months behind.

This is about half the 20% of borrowers with a 2009 Loan Modification and one-third the percentage of borrowers with a 2008 loan modification.

The Home Affordable Modification program (HAMP) was enacted in 2009 to help homeowners who were having difficult time modify their mortgages.  However, modifications were made to the program in March of 2010 which made loan modifications available to many more homeowners around the nation.

Information on a "Do It Yourself" solution for loan modifications can be found Here.

Posted by on Sunday September 26 2010, 8:39 PM EDT. All trademarks acknowledged. Filed under Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0

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