Friday, June 22, 2012

Mortgage modification default

  • Forty-two percent of borrowers who get a mortgage modification end up being delinquent again in a year, and 59% are delinquent in 18 months, according to a study released this week.
  • (Marketwatch)
  • People with mortgage modifications continue to have trouble staying current The rate they fell behind on new credit cards was 13.63%. Homeowners in default who didnt modify had a delinquency rate of 11.4% on new auto loans and 17.
  • (Yahoo Finance)
  • Thats compared with 23% of borrowers who received mortgage modifications with interest rate reductions (but no principal reduction) and 30% who received forbearance, which postpones their debt repayment.
  • (Inside Fidelity)
  • This improved performance occurred despite the fact that nearly six in 10 mortgage modifications went 60 or more days delinquent on new loans originated after their initial mortgage default than those with no mods. Mr.
  • (Central Valley Business Times)
  • Obamas Mortgage Modification Program Falls Short The administration has been working on revamping its housing initiatives over the past year to help boost enrollment – and diminish criticism from fellow Democrats — as the November election approaches.
  • (Wall Street Journal)
  • Principal reductions are more likely to be done on loans with higher loan-to-value, lower FICO borrowers, who are more likely to default "Offering the same modification after a 15-month period of mortgage non-payment is going to appear less attractive.
  • (Housing Wire)
  • Commercial mortgage defaults are poised to keep rising as loan modifications fail to prevent borrowers from running into trouble again amid collapsed real- estate values, according to Royal Bank of Scotland Group Plc.
  • (Bloomberg)
  • If they cannot help you-they will say so as well. For more information homeowners wishing a loan modification, or dealing with a possible foreclosure, mortgage default, or loan servicing issues are urged to contact the law firm M.E.
  • (YAHOO!)

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