Tuesday, May 14 2013 2:01PM

The April scorecard reveals that while foreclosure mitigation programs have been helpful, there is still a great deal of progress that needs to be made.

The U.S. Department of Housing and Urban Development (HUD) released the results of its April Housing Scorecard, which reveal that while many homeowners nationwide have been helped by government loan modification programs, significant progress and continued resources are still necessary to assist more borrowers. 

The government data reveals that more than 1.1 million distressed homeowners have been granted permanent home loan modifications through the federal Home Affordable Modification Program (HAMP). The program has provided a great deal of affordable housing assistance by lowering monthly mortgage payments by an average $546.

In addition, the Federal Housing Administration has extended more than $1.7 million loss mitigation and early delinquency interventions to help distressed homeowners remain in their homes, according to the report. 

"The Administration's programs have improved outcomes for homeowners by setting new standards for mortgage assistance and putting into place unprecedented consumer protections," said Treasury Assistant Secretary for Financial Stability Tim Massad. "HAMP continues to offer struggling families meaningful relief to avoid foreclosure and strengthen local communities."

Despite these financial assistance programs, many homeowners are still struggling to make ends meet or overcome housing issues. For example, many homeowners trying to refinance or modify their loans find they don't qualify for assistance due to an underwater mortgage or tight credit requirements. 

For more information, check out this resource: The U.S. Department of Housing and Urban Development