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).
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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