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Mortgage Re-Default Statistics After Loan Modification
 
Some folks are not interested in statistics. Personally, I am fascinated by the successes and failures of the HAMP and HAFA programs (the government’s loan modification and short sale alternative programs). I speak with so many people that ring me at the eleventh hour when their loan modification has been declined or when they have already paid someone thousands to help with the modification and are seeing the modification going nowhere fast.
Of course, everyone who is having trouble making ends meet probably wants to keep their home. Sadly, however, sometimes it is hard to make the mortgage payments—even after being approved for a loan modification.
On February 4, 2011, dsnews reviewed a Moody’s report on “the dynamics of re-defaults” in loan modifications. Here’s the skinny.
In this report, Moody’s calculated the six-month re-default rates on approximately 78,000 loans that were modified between early 2009 and mid-2010 by eight of the major loan servicers.
Here is the breakdown of each company’s modification re-default rate: 
Bank of America – 33% Wells Fargo – 29% American Home Mortgage – 26% Ocwen – 24% GMAC Mortgage – 23% JPMorgan Chase – 22% CitiMortgage – 20% Litton Loan Servicing – 20%  In plain English this ... more

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