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Borrowers trying to avoid foreclosure find help outside Obama program

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More borrowers dropped out of the Obama administration’s foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to data released Monday.

The number of mortgages with permanently reduced payments under the Home Affordable Modification Program increased 15% in May to 340,459. The pace of new temporary three-month modifications eased in May, with an increase of just 2.5% to 1,244,184.

Full story: Borrowers trying to avoid foreclosure find help outside Obama program – latimes.com