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Sadly, hope is still out of reach for most distressed homeowners.
So far 1.2 million calls have been logged by people dialing the federal government’s Homeowner’s Hope Hotline — 1-888-995-4673 — with hope of getting mortgage relief.
But the program has successfully steered just 340,459 people into permanent loan modifications. That amounts to only 11 percent of the 3.2 million delinquent loans the government says are eligible for the program.
More alarming is that more people — 429,696 — were actually booted from the program than granted a permanent modification, the ultimate goal of lowering a borrower’s payments or otherwise restructuring the loan through a lower interest rate, principal reduction, extending the terms or other means.
Those statistics are ripped straight out of a report released last week by the U.S. Department of the Treasury about the program’s progress through May
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