East Valley Tribune - "Mortgage modifications see sharp increase"

Arizona Association of Mortgage Brokers

The East Valley Tribune reported this week that permanent mortgage modifications may have increased (45% nationally, 39.5% in AZ from Jan to Feb) through the federal Making Home Affordable program, but many people are still critical that the program is not helping enough homeowners avoid foreclosure.

Permanent modifications remain far behind the more than 1 million trial modifications initiated since the program's inception, and more than 88,600 homeowners have dropped out of the program.

At the same time, there were foreclosure filings reported on 308,524 U.S. properties last month, which includes 16,718 in Arizona.

AAMB’s Vice President Paul Klimke was quoted in the article..."the latest statistics are encouraging but more needs to be done to help distressed homeowners stay in their homes."

 

"They need to do more permanent debt reductions," he said. "That's really critical in getting people to not abandon their homes."

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To read the article, click HERE.