Mortgage servicers completed nearly 50,000 permanent HAMP modifications in January, up from 35,000 in the previous month, as the government's Home Affordable Modification Program  (HAMP) is to be finally gaining traction.

The Treasury Department reported that HAMP servicers have completed 116,300 permanent modifications since the modification program was launched last spring. The first 5,000 permanent modifications were completed in October. Another 830,500 homeowners are participating in three-month payment trials and their monthly payments have been reduced on average by more than $500.

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