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Over 900,000 homeowners have started trial modifications and over 1 million offers for trial modifications have been extended to borrowers, according to the government.
However, about 25% of homeowners who received trial loan modifications through the plan are failing to keep up with their new reduced payments, and at least 196,000 borrowers have missed some or all of their required payments, according to comments Treasury officials made on a conference call today and calculations from government data, Bloomberg reported.
HAMP, which was designed to help as many as 4 million Americans had successfully modified just 66,465 loans.
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