$2.7 Billion in Savings via Home Affordable Modification Program
The numbers are still going up with the latest figures on the Home Affordable Modification Program (HAMP) now stating that more than 170,000 permanent modifications have been passed on to homeowners. This means they are guaranteed lower payments for the next 5 years and the average saving per month is still sitting at around $500 dollars (36% saving on before modification payments) giving a cumulative saving of around $2.7 billion.
The number of permanent modifications that have been approved by the servicers but are still waiting to be accepted by the borrowers has also risen to 91,800 from the previously reported figure of 76,000. The number of homeowners that have received offers for trial modifications is still around the 1.3 million mark which is around 34 to 45% of the final goal which needs to be reached by the end of 2012. A further 72,000 trial modifications commenced in February.
The cancellation figures are pretty low, for modifications converted to a permanent status only 0.9% have been canceled and for all modifications started the number is 8.2%.
