The Real Deal Miami

Obama reaches mortgage mod mark early

October 08, 2009 06:01PM

The Obama administration announced today that it has hit its goal early of getting 500,000 homeowners to sign up for trial mortgage modifications under a $75 billion housing rescue plan after originally setting Nov. 1 as the deadline. In fact, the number of homeowners getting trial modifications is currently outpacing the number of homes getting foreclosure filings each week because of the new plan. The three-month trial program aims to reduce interest rates and extend payments in order to help homeowners get more affordable monthly mortgage payments. According to Obama administration officials, lower interest rates have allowed three million homeowners to refinance their mortgages so far. [USA Today]