On Tuesday, the Obama Administration released the next monthly report for the Making Home Affordable loan modification program. As part of the administration's ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers. The Treasury Department said that there are more than 650,000 modifications under way across the country, and that the program is on track to meet its goals over the next several years.

One of those goals is help three to four million troubled homeowners lower their payments over the next three years through the Making Home Affordable loan modification program.

The Making Home Affordable refinancing program has already helped over three million borrowers to reduce their payment through lower interest rates and saves them an average of $150 per month, the Treasury Department says.

"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," said Treasury Assistant Secretary Michael S. Barr. "The program is having a pronounced impact in areas particularly hard hit by the housing crisis. We're reaching borrowers at a larger scale than any other modification program to date, but there is still much more work to be done."

The largest portion of home loan modifications is in the state of California, in which 134,609 trial modifications were performed. Following are Florida with 82,614 loan modifications, Arizona with 34,424, Illinois with 33,514, and New York with 28,773.

The states that were least affected by the national housing boom and subsequent bust had the fewest number of loan modifications: 170 in North Dakota, 324 in South Dakota, 352 in Wyoming, 431 in Alaska, and 494 in Vermont.


Source:
U.S. Department of the Treasury