More homeowners get long term help

The number of long-term mortgage adjustments under President Obama’s administration has risen to 66, 465 at the end of 2009, or 7.4 percent of all trial modifications started, which is up from 31,382 a month prior. An additional 46,056 modifications are pending borrower signatures, according to the treasure, while another 48,924 were denied payment modifications due to not meeting trial payment deadlines. The president’s administration increased pressure on servicers in November following the slow pace of conversions to permanent modifications raised concerns that the $75 billion plan will fall short if its goal to help 4 million delinquent homeowners. To continue reading about the plan, click here.