Of the 2.7 million homeowners who tried to get mortgage help from the Obama administration’s assistance program, only a quarter actually got their monthly payments lowered, The Wall Street Journal reported.
Roughly 680,000 homeowners got payment modifications under the Home Affordable Modification Program (HAMP). The rest either failed to qualify or were disqualified after originally being accepted. Homeowners had to make it through three months of a trial period before the modifications were made permanent.
Applicants were most often rejected either because they didn’t submit the necessary paperwork or it was lost by their mortgage company.
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