Housing advocates and politicians are pressuring the administration to make changes to the Making Home Affordable program as the housing crisis continues to grow. The suggestions to retool the program are justified. A few facts follow:
· Less than 200,000 homes owners have received permanent loan modifications even though it is estimated 3 to 4 million are eligible.
· 600,000 of the eligible borrows cannot apply because the companies servicing their loans are not participating in the Making Home Affordable Program.
· Approximately 1,000,000 home owners received temporary modification but less than ¼ have yet to be made permanent.
· Majority of homeowners obtaining loan mods have done so because of job loss or income reduction.
· 25% of borrower receiving relief end up missing payments again.
· 60,000+ of the borrows receiving modification have defaulted.