Struggling Ormond Beach Homeowners Have Options

More borrowers dropped out of the Obama administration’s foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to recently released data.

According to a post on RisMedia.com, "The number of mortgages with permanently reduced payments under the Home Affordable Modification Program (HAMP) increased 15% in May 2010 to 340,459. The pace of temporary three-month modifications started in May slowed, with an increase of just 2.5% to 1,244,184.

"But cancellations of mortgage modifications continued to grow. Cancelled trial modifications rose 55% in May from April. More than a third of all trial modifications started since the program began last year—429,696—now have been canceled. Cancellations of permanent modifications also were up sharply, rising 70% to 6,357 in May from April.

"But overall, homeowners with permanently reduced mortgage payments have fared better in the program. The cancellations amount to just 1.8% of all the permanent modifications offered since it began last year.

"The administration’s report said that at the eight largest mortgage servicers, including Bank of America, CitiMortgage and JPMorgan Chase, nearly half of homeowners whose temporary government modifications were cancelled received an alternative modification.

"Of the 194,056 total cancellations for those servicers under the Obama administration’s plan, just 7% resulted in foreclosure actions. An additional 2% resulted in a short sale."

If you are an Ormond Beach homeowner having financial troubles, and finding it hard to make your mortgage payments, contact me NOW. You have options! I have special training in helping distressed homeowners and can help you.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com