WASHINGTON — The number of people falling out of the Obama administration's main foreclosure relief program grew in November, as more at-risk homeowners failed to lock in lower monthly payments.
About 774,000 homeowners had dropped out as of last month, the Treasury department says. That's about 54 percent of the more than 1.4 million people who applied. And it's up from October, when about 756,000 had fallen out.
The program is intended to help those at risk of foreclosure by lowering their monthly payments. Borrowers start with lower payments on a trial basis. The program has struggled to convert them into permanent loan modifications.
Another 505,000 homeowners have secured lower payments permanently. That's about 35 percent of the number who enrolled on a trial basis, the same as October's reading.
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