NEW YORK (CNNMoney.com) - Mortgage servicers have put nearly 9% of delinquent borrowers into trial modifications under the Obama foreclosure prevention plan, the Treasury Department said Tuesday.
That translates into 235,247 loans that were at least 60 days delinquent at the 38 loan servicing firms participating in the program. Institutions have extended modification offers to 406,542 troubled borrowers, or 15% of those behind in payments.
Under fire for the program's rocky start, the Obama administration says it is on pace to help up to four million homeowners over the next three years. The initiative was announced in February and the first institutions to join began accepting applications in April.
Tuesday's report come a week after the administration called servicers to Washington, D.C., to discuss ramping up the program's implementation afterhearing a flood of complaints from borrowers. Officials want to see 500,000 loan modifications under way by Nov. 1.