Federal program continues to offer debt help for homeowners
Through October, the Making Home Affordable program has guided more than 650,000 people facing foreclosure into a modified home loan. In September, that number was at almost 500,000, as the government continues on it mission to help between 3 million and 4 million homeowners who have foreclosure looming over their heads.
“As this report demonstrates, struggling homeowners in every state now benefit from reduced monthly mortgage payments and have an opportunity to stay in their homes,” Treasury Assistant Secretary Michael S. Barr said.
Recently, a report from RealtyTrack showed that the number of foreclosure notices dropped by 3 percent in October when compared to September, though they are still up by 19 percent when compared to last year. The states with the highest rate of foreclosure are Nevada, California, Illinois and Michigan.
The report from the Treasury shows that those four states have seen some of the highest numbers for home loan modifications. For example, Nevada has seen 17,566 home loan modifications, while California has had 134,609, which is the highest total for any state.