The number of delinquent Chicago-area borrowers in permanent mortgage loan modifications fell in December for the first time since the government started its program to help troubled consumers keep their homes.
According to Treasury Department data released Monday, 27,121 local borrowers have received permanent loan modifications since the Home Affordable Modification Program began 21 months ago, compared with 27,176 in November.
Nationally, more than 30,000 delinquent borrowers received permanent mortgage loan modifications in December alone, the most since August, but the overall percentage of homeowners in permanent modifications has stayed relatively flat.
That’s partly because more than 570,000 homeowners have had their trial modifications canceled, and one quarter of those homeowners were either in foreclosure or participating in a short sale or a deed-in-lieu of foreclosure. More troubling, however, may be the fact that an increasing number of homeowners in permanent modifications are having trouble making their payments.
According to the Treasury Department’s monthly ‘scorecard,’ one in five homeowners who received a permanent modification a year ago, during 2009’s fourth quarter, was 60 days or more behind on their payments. Of those consumers who received a loan modification during 2009’s third quarter, one in four people was 60 days delinquent.
The department’s monthly report continues to be expanded every month as government officials try to inject more transparency into a struggling program that has been roundly criticized as ineffective.
Last week, three Republican congressmen on the House Oversight Committee sponsored legislation to end HAMP, calling it a ‘colossal failure.’
Treasury’s data showed that the median household income of participants was $46,196 annually, and one-third of borrowers who receive a permanent modification had a mortgage loan balance as of November of more than $300,000 after modification. Seventy percent of homeowners in active permanent modifications had a credit score of less than 620.
In searching for sites associated to internet internet hosting and particularly comparison hosting linux strategy Internet,
your site came up.
You are a pretty good individual!
It? s the first time I’ve heard that in Macedonia, obits are an strange observe. You have wonderfully written the publish. I’ve liked your way of writing this. Thanks for sharing this.