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WASHINGTON - June 22, 2010 - More troubled mortgage borrowers are failing out of the Obama administration's foreclosure-prevention program than are winning permanently lower home payments, the government reported Monday.Borrowers who qualify for the Making Home Affordable program receive a three-month trial modification, and if they stay current on payments, they can receive a permanent modification.Over about the past year, 340,459 homeowners got permanent modifications under the Making Home Affordable program. But 429,696 trial modifications and 6,357 permanent modifications were canceled, often for reasons such as no income verification.That means about 35 percent of the 1.2 million homeowners enrolled since March … (0 comments)
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