Loan Mod Report Card: Only 9% Getting Help

August 7, 2009 · Posted in News For Homebuyers 

Just 9% of delinquent borrowers are getting help so far in the Making Home Affordable loan modification program that was announced in February, according to a Treasury Department report earlier this week. Called the Home Affordable Modification Program (HAMP), the program’s goal is to help between 3-4 million people over the next three years.

Critics say banks need to step it up and start helping borrowers more than they have. To put pressure on lenders, the Obama Administration released a report, showing which servicers are modifying mortgages.

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