Government data shows that there was a 45.4 percent increase in permanent loan modifications at the end of February, approximately 2,613 households compared to 1,797 at the end of January. This percentage increase is smaller than the 68 percentage increase from December to January, which saw 1,072 households receiving permanent loan modifications.

The increase is consistent with the total increase in the Home Affordable Modification Program (HAMP), which lowers mortgage rates as low as 2 percent to prevent foreclosures.

The effects of the program and the granting of permanent loan modifications is helping keep people in their homes, as well as stabilize housing prices in the greater neighborhoods.

For those who aren't certain about what direction to take with their mortgage payments, whether to sell at a loss, or any other concerns, a HUD-approved counselor is only a phone call away at the Colorado Foreclosure Hotline at 1-877-601-HOPE.

Read more at InsideRealEstateNews.com.

Posted in Education And Training, Seller Resources

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