The most recent Obama Administration Housing Scorecard highlights how government programs continue to help distressed homeowners stay in their homes and remain current on their mortgage payments.
According to the scorecard, more than 5.5 million home loan modifications have been made through government programs since April 2009. This includes 1.7 million completed through the Home Affordable Modification Program and 1.1 million in Federal Housing Administration loss mitigation and delinquency interventions.
"The Administration’s programs have set standards that have benefitted millions of families across the country and helped them avoid foreclosure," said Treasury assistant secretary for financial stability Tim Massad. "We remain committed to helping as many families as we can while the housing market continues to recover."
Additionally, roughly 910,000 were able to receive a permanent loan modification through HAMP, which saved borrowers an accumulated $9.9 billion in monthly mortgage payments.
Meanwhile, the report noted that 83 percent of homeowners who entered HAMP since 2010 were able to receive a permanent loan modification after completing a trial period. The average trial period lasted 3.5 months.