A report released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision reveals that a homeowner who had a mortgage loan modified by the federal government’s Home Affordable Modification Program (HAMP) was more likely to miss fewer payments after the modification was complete.
In fact, according to the report, fewer than 17 percent of home loans modified under HAMP had missed at least one monthly payment and fewer than 8 percent had missed two months of payments.
In contrast, almost 25 percent of all kinds of loans missed one payment and more than 10 had missed two after being modified other sources (Associated Press).
