Modifications

Today, more than 11 million homeowners - or more than one in four of those with a mortgage - are under water, owing more than their home is worth. At the end of March, there were some 2.4 million mortgages in foreclosure, and almost 3.5 million more were at least 60 days past due. Modifications of at-risk mortgages continue to gain momentum. About 640,000 permanent modifications were put in place under the Home Affordable Modification Program and other programs in the first four months of this year. That figure is roughly comparable to the number of mortgages that entered foreclosure over the same period.