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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Over One and a Half Million Loans Modified This Year



There have been 1.5 million loan modifications that have been completed this year. This information was tracked by "Hope Now" from January 2010 to October 2010. There was an average of 154,000 loan modifications that were completed each month. The banks and lenders are working with the homeowners before their homes go into foreclosure .This is excellent news, but there is still a lot of work to be completed. There are still at least 3.6 million homeowners who are 60 or more days late on their mortgage payment. The banks realize that there are still many homeowners who need assistance.  They are still trying to assist homeowners with a loan modification if the borrower qualifies.