Real estate blog entries tagged with mortgage loan modification by PRC Funding Minnesota Mortgage Broker

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Home : Blogs : Jeremy Redlinger : Mortgage : Tag "mortgage loan modification"

mortgage loan modification: Mortgage Loan Modification Re-Defaults - 12/08/08 02:33 PM

The latest data from the OCC's Mortgage Metrics shows a disturbing trend of homeowners re-defaulting on their mortgages after a modification loan has been set up.
After 90 days the number of re-defaults is at 36 percent, 53 percent after 6 months and 58 percent after eight months. This is a disturbing report that may have the loan modification programs undergoing major changes, which may make it very difficult to get a modification loan.

So why haven't loan modifications been working? I believe the truth to be that many Americans are already way over extended and a simple modification that … (0 comments)

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