Washington ? The government’s mortgage relief plan has helped only about 12 percent of borrowers who signed up since President Barack Obama announced the program a year ago.

The Treasury Department said Wednesday that as of last month, about 116,000 homeowners had completed the application process and had their loan payments reduced permanently. That compares with more than 1 million homeowners who started the process.

More than 61,000 homeowners have dropped out so far, either because they failed to make payments or didn’t return the necessary paperwork.