12% of eligible borrowers helped by Obama plan

Almost 125,000 more people in program this month over July.

Mortgage lenders have placed 12% of troubled borrowers, or 360,165 people, into the government sponsored mortgage help program that started in February. This number is up from 235,247 last month, as lenders continue to accelerate their efforts to save homes from foreclosure.

Although the program did start off slow, it has gained ground in the past few months as mortgage companies are facing a wave of new foreclosures. Banks lose far less money by reducing or restructuring an existing loan than by placing a customer into foreclosure, so there is a definite advantage for banks to participate.

Some banks, however, are participating at varying degrees. Here is a breakdown of the top participating major lenders:

Saxon Mortgage Group: 39%
Nationstar Mortgage: 30%
GMAC Mortgage: 26%
JPMorgan Chase: 25%
Citi Mortgage: 23%
Wells Fargo: 11%
Bank of America: 7%

If you have any stories about receiving mortgage relief, please share them by posting a comment on this blog or email: info@erareardonrealty.com

Thanks!