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Metro area second highest for loan modifications

As of March, there were 35,938 permanent mortgage modifications in the major metropolitan area that covers Long Island, according to a White House report released Friday.

The area, which also covers New York City and parts of New Jersey and Pennsylvania, has the second highest number of permanent modifications out of 15 major metro areas, said the monthly progress report on Making Home Affordable, the Obama administration’s homeowner rescue program. There were 8,513 active trial modifications, in which borrowers must pay on time during the trial period if they want to be considered for permanent changes to the loan.

Topping the list as usual was Los Angeles, with 40,538 permanent modifications and 9,874 active trial modifications.

The median monthly savings was $525.94 for borrowers currently in permanent loan modifications and the median monthly payment was $833.03, March numbers show.

About 61 percent of homeowners in permanent modifications cited loss of income or job as the primary reason for their hardships, while 11.5 percent cited too much debt and 2.8 percent said one of the principal borrowers got sick, the report show.

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