Obama’s Making Home Affordable Plan modifies 19% of eligible home loans.
Only 4 days ago, I had posted an article declaring president Obama’s Making Home Affordable program as being a failure because only 6% of the eligible homeowners were getting help.
Well, the news released today paints a rosier picture: 19% of eligible homeowners have been given help. 360,000 homeowners have signed on for the three month trial modification.
This all sounds wonderful, however, there are some worrying figures which must be factored into the seemingly good news: over 50% of all loan modifications end with re-default within 6 months. (I have not heard any numbers to contradict this April 2009 data, so can only assume it is still valid. ) Which means, that a loan modification really is only delaying the foreclosure for more than half of the people or more than 180,000 of those happy homeowners of today.
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