The Real Deal Miami

Modified mortgage holders still see widespread delinquencies

April 15, 2010 12:40PM

President Obama’s mortgage modification plan took a hit yesterday, after Treasury Department data revealed that the rate of default on mortgages among homeowners in the program almost doubled in March, according to the New York Times. The defaults came even after homeowners enrolled in the program had received less expensive mortgage terms, as more than 2,800 borrowers holding the modified loans were unable to make payments since the program began last fall. Currently around seven million households are delinquent in their mortgage payments.