More than 23,000 homeowners in the Bay State have been offered mortgage loan modifications under the federal Home Affordable Modification Program (HAMP).
There were 17,689 active trials and 5,635 permanent modifications in Massachusetts through March, according to the U.S. Department of Housing and Urban Development.
The Boston metro area, which includes parts of New Hampshire, ranks among the top 15 areas with the highest HAMP activity. As of the end of March, there were 12,490 active trials in the Boston metro area and more than 4,000 permanent modifications, which makes up 1.6 percent of all HAMP activity nationwide.
More than 1.4 million homeowners nationwide received offers for trial modifications in March, and more than 1.1 million borrowers were receiving a median savings of $500 each month.
Permanent modifications have been granted to more than 230,000 homeowners nationwide, and an additional 108,000 permanent modifications have been approved by servicers and are pending borrower acceptance. Homeowners’ lower monthly mortgage payments under HAMP represent a cumulative savings of more than $3 billion.
