More Seller Get Loan Modification and Seems to be Helping

In June, the Home Affordable Modification Program helped 657,044 home owners avoid foreclosure through permanent loan modifications — that’s up from 633,459 in May, according to Treasury Department statistics released Friday.

However, while the number has grown, the numbers still fall short of the initial goal to help 3 million to 4 million borrowers through HAMP, which since 2009 has reduced mortgage payments to help borrowers avoid foreclosure. For more information you can check out the Home Foreclosure Fighter program. Just Call Now: 877-846-2701

For underwater sellers, the ones who owe more on their mortgages than their home is currently worth — about 7000 have participated in a Load Modification, which is up from 4,911 last month, the Treasury Department reported late last week. For borrowers who qualified to have their loan balances reduced, they’ve seen median principal reductions of $67,751, or 30.7 percent. Many people are buying bank out property, you can give it a try free.Foreclosure.com - 7 Day FREE Trial


We continue to see a slight improvement in home prices and a decline in mortgage defaults as our foreclosure programs reach more borrowers upstream in the process,, Housing and Urban Development assistant secretary. “But we have much more work to do to help the market recover and to reach the many households there and across the nation who still face trouble."