NEW YORK (CNNMoney.com) – More than 51,200 troubled homeowners nationwide received long-term mortgage modifications last month under the Obama administration’s foreclosure prevention program, according to figures released today.
That brings the total to more than 389,000 since the program began in spring 2009.
However, the June figures also showed that 520,814 distressed homeowners have had their trial modifications canceled, leaving 364,077 borrowers in the initial phase of the program.
Homeowners usually are dropped from the trial program because they do not make the required payments, meet the qualifications or submit the needed paperwork.
