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March 12, 2010
170,207 permanent U.S. loan mods include 2,921 in Sac area

Nearly 3,000 homeowners in Sacramento, Placer, Yolo and El Dorado counties are among 170,207 nationally receiving permanent loan modifications from loan servicers, according to a new U.S. Treasury report on February loan modifications.

 The report says the four-county region hard hit by loan distress has received 2,921 permanent modifications that on average lower monthly payments by about $515. That is 8.3 percent of the 35,379 permanent modifications so far in California.

The Los Angeles region, including its hard-hit Inland Empire, has received 9,414 permanent modifications, the report says.

Altogether, 15,371 Sacramento-area homeowners are in trial modifications or permanent modifications as of March 1, the report says.

Here is the full February report. (check page 7 for your own lender's numbers).

Highlights: 

Permanent modifications now stand at 170,207 nationally.

  • California has 35,379 of them and Florida 21,111.
  • Banks reported 52,905 permanent modifications in February. It's up slightly from 52,205 in January.
  • Nearly 1.1 million homeowners now have ongoing tempoary modifications, in hopes of getting permanent mods.
  • The government says the average permanent modification knocks about $500 off the borrower's monthly payment. Borrowers, it says, have collectively saved themselves about $2.7 billion from trial and permanent modifications now in place.
  • The government-industry alliance HOPE NOW issued a news release applauding the February results.

     

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