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One Million Borrowers Have Been Bounced Out Of Obama Administration’s Main Foreclosure Prevention Program

By Pat Garofalo on September 14, 2012 at 11:55 am

"One Million Borrowers Have Been Bounced Out Of Obama Administration’s Main Foreclosure Prevention Program"

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Over the summer, the one millionth borrower fell out of the Home Affordable Modification Program (HAMP), the Obama administration’s signature foreclosure prevention program, according to Treasury Department data. As HousingWire reported, “A total of 770,834 borrowers failed to finish either a three-month trial or were determined to not qualify for the program from June 2010 through July 2012. Another 229,185 permanent modifications redefaulted after making the first three monthly payments during the trial process.” 825,000 homeowners successfully navigated the program and remain current on their mortgage today; the program was supposed to reach 3-4 million homeowners.

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