Greetings neighbors,

According to recent reports from the Treasury Department, servicers participating with the Home Affordable Modification Program (HAMP) handled a total of 340,459 permanent modifications through May 2010 since the launching of the program last March. This number is up from the total number of permanent modifications through April of 2010 which were 299,092.

For borrowers to officially receive permanent modifications a total of three payments must be paid on time during the trial period and all documentation must be submitted.

Last month, servicers transformed a total of 47,724 trial modifications into permanent status. This number was actually a 30.1% decrease from April's number of 68,291. In addition, the month of May consisted of a total of 6,357 canceled permanent modifications with 124 mortgages being paid off.

Set to expire towards the end of 2012, the Obama Administration set an early goal for HAMP to provide aid to approximately 3-4 million borrowers before its expiration. Within the past 14 months servicers have reached over 10% of that number.