Foreclosure Mitigation Programs Assist 1.8M Homeowners

November 8, 2013
Housing Wire  
mortgage lending news

The White House's foreclosure mitigation programs continue to help millions of U.S. homeowners amid a robust residential real estate industry. Since it launched four years ago, the Making Home Affordable Program has helped more than 1.8 million Americans. At the end of this year's third quarter, more than 1.2 million homeowners received permanent modification via the Home Affordable Modification Program (HAMP).

The Obama administration’s foreclosure prevention initiatives continue to encourage improved standards and processes in the market, with Hope Now lenders offering families and individuals more than 3.8 million proprietary modifications through August. The Office of the Comptroller of the Currency reports that the longer a homeowner remains in HAMP, the more likely he or she will keep up mortgage payments and avoid foreclosure. Among the metro areas with the highest HAMP activity are Los Angeles-Long Beach-Santa Ana, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; and Chicago-Joliet-Naperville, Ill.-Ind.-Wis.

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