The United States Treasury and Department of Housing and Urban Development released a monthly housing scorecard on Monday and announced that housing is on the recover. The report also confirms more loan modifications canceled than approved.
More than 340,000 households had expected long term reduction in mortgage payments under the Home Affordable Modification Program or HAMP by the end of May and are making on time payments. More than 429,696 assessments had been canceled, up from 277,640 in April. Upto 468,000 houses were still in trial phase, with 190,000 trapped there for at least six months because banks are moving gradually.
More than 340,000 households had expected long term reduction in mortgage payments under the Home Affordable Modification Program or HAMP by the end of May and are making on time payments. More than 429,696 assessments had been canceled, up from 277,640 in April. Upto 468,000 houses were still in trial phase, with 190,000 trapped there for at least six months because banks are moving gradually.
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