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Are Loan Modifications Dropping?

According to the recently released quarterly report by HOPE NOW on the housing market recovery, there was a 16% decrease in the number of permanent modifications offered from May to June.

Since 2007, 6.52 million loan modifications have been completed, including over 1.2 million under the Federal government’s Home Affordable Modification Program (HAMP).

See here: http://www.loansafe.org/hope-now-quarterly-loan-modification-and-foreclosure-report

This is not a good indication for homeowners who are counting on a loan modification to save their home. If your home is underwater, consult an attorney who can talk with you about how to avoid foreclosure, and your options, such as a negotiated settlement or a short sale.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.