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WASHINGTON, Nov. 11 (UPI) -- The U.S. Treasury said a fifth of eligible mortgage holders had received loan modifications as part of a government program to forestall foreclosures.
Since April, 650,000 homeowners had been given extended loan modifications and 919,965 have been offered trial loan modifications, which allows for modifications if the homeowners stay current on loans for a three-month trial period, USA Today reported Wednesday.
The modifications are offered through the Making Homes Affordable program.
But some large banks are reporting they have modified more loans outside of program than within it.
Bank of America said it is currently administrating 136,994 trial modifications. However, the bank said it has changed terms on 450,000 loans since 2008 outside the program, including 220,000 in 2009.
"There's a tremendous amount of activity that falls outside of (the program), such as other modifications or forbearance plans," said Faith Schwartz, executive director of Hope Now, a consortium of parties with interests in the mortgage business.
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