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National loan mod results: 6% of trial mods were converted to permanent through Dec. 2009

Through December 2009, out of the 1,164,507 trial mods offered to date, only 6% or 66,465 homeowners received permanent loan mods under the HAMP plan.  However, the government claims that an additional 46,000 permanent offers are awaiting borrower acceptance as a result of the the Treasury departments increased pressure on servicers.

Source:  http://financialstability.gov/docs/report.pdf

Approximately 89% of eligible mortgage debt outstanding is covered by HAMP participating servicers.  During the 4th quarter of 2009, the number of servicers who have signed servicer participation agreements to modify loans under HAMP rose from 63 to 102.

WARNING:  Keep in mind that not every investor or loan pool within a servicer's portfolio necessarily signs up for the HAMP plan.  Investors can opt out on an individual basis.

National HAMP results:

Number of Trial Period Plan Offers Extended to Borrowers (Cumulative):  1,164,507
All HAMP Trials Started Since Program Inception:  902,620
All Active Modifications (Trial and Permanent):  853,696
Active Trial Modifications:  787,231
PermanentModifications:  66,465
Permanent Modifications Pending Borrower Acceptance:  46,056
Total Permanent Modifications Approved by Servicers:  112,521

California HAMP results:

Active trial mods:  158,935 [20% of national total]

Permanent loan mods:  13,353 [20% of national total]

Los Angeles-Long Beach-Santa Ana HAMP results:

Active trial mods:  45,945  [29% of state total]

Permanent loan mods:  3,469 [26% of state total]

Riverside-San Bernadino-Ontario HAMP results:

Active trial mods:  36,671  [23% of state total]

Permanent loan mods:  3,383 [25% of state total]

 

 

 

 

 

 

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