Just Remember:The governing administration stated they will aid 3 to 4 million home-owners with the Obama Making Home Affordable Program.

An boost in foreclosures, merged with the recent decrease in real estate sales, could send property prices in a free fall again. Some 91,118 people in trial modifications were canceled in June, bringing the total to 520,814 since the program began within the spring of 2009. Far more than 60% of those who dropped out last month had been in trials for at the least half a year. Property owners normally are kicked out of the mortgage modification program because they do not make the required payments, meet the qualifications, or submit the needed paperwork. Once their trials are canceled, about 45% of property owners receive alternate modifications, frequently one from their loan servicer.

Some 8.9% had foreclosure proceedings started against them and 1.3% lost their household in foreclosure. Only 364,077 stressed borrowers remain in the trial phase, some 38,728 of whom entered the software in June. Nearly 166,000 have been in trials for at least six months. 51,205 troubled homeowners received long term mortgage modifications in June, bringing the total to 389,198. 8,823 homeowners had their “permanent” modifications terminated, 195 of whom paid off their loans. “I feel like a broken record, but HAMP continues to perform extremely poorly,” said John Taylor, head on the National Community Reinvestment Coalition, an advocacy group. “The permanent modification numbers are simply way too low, while foreclosure filings continue above 300,000 for the 16th month in a row.”

That is 4,800,000 familes since Obama took office … is this “hope and change”?

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