Government loan modifications were up slightly in January, although the number of modifications have been bumping along the bottom since last September, according to the latest data from the Department of Treasury.
There were 17,863 modifications in January, which is up from 16,982 in December. Still, this is a significant drop from last April’s high of 67,426.
The Obama administration’s Home Affordable Loan Modification Program was designed to help homeowner’s renegotiate burdensome loans, but the program has fallen well short of its goal of helping four million Americans largely because distressed homeowners don’t know that it exists.
So how many people in Colorado Springs have been helped by the program?
According to this Department of Treasury report, total HAMP activity in the Springs has reached 959 households, although 167 of those are still in the “trial” phase and may find out that they don’t qualify.
That means only 792 distressed homeowners in Colorado Springs have received permanent loan modifications through the program.
Boulder has had 239 permant modifications, Fort Collins-Loveland 315, Pueblo 183, Junction 199, Greeley 462, and Denver-Aurora leads the pack with 4,848.
Homeowners hoping to take advantage of HAMP had better hurry. The House Financial Services Committee is inexplicably working on a bill that would kill the program rather than improve or replace it.
The committee will vote on the matter next week.