Mortgages

HAMP Grants Fewer Home Loan Modifications in February

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HAMP Grants Fewer Home Loan Modifications in FebruaryThe number of mortgages that were successfully altered by the federal government’s Home Affordable Modification Program slipped about 13 percent to slightly more than 87,000 in February, according to the latest monthly statistics from the nonprofit group Hope Now. That figure is based on the more than 61,000 proprietary modifications granted during the month, and the 26,147 permanent alterations that were completed.

About 49,000 of these alterations were able to successfully reduce the troubled homeowners’ monthly interest payments, as well as the loan principal, the report said. Of that group, another 36,000 saw these figures drop more than 10 percent.

[Article: Congress Votes to Kill Mortgage Program]

Meanwhile, mortgage delinquencies of 60 days or more also fell during the month to 2.78 million across the country, down from 2.95 million in January, the report said.

“While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months,” said Faith Schwartz, executive director for Hope Now.

As hiring continues to rise across the country, more consumers may be financially capable of paying their monthly mortgage bills, successfully reducing both delinquency and the need for HAMP modifications.

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