Bail out gone bad - FHA Loan Modifications default rate jumps in March
FHA loan modification home owners default rate jumps in March based on unemployment issues among other reasons. Home owners who received loan modifications on their FHA loans again defaulted a year or so later – half of all loan mods that eased the repayment terms have failed. FHA allows a buyer to come to the table with a minimum of 3.5% down and a credit score of 580. The results are less than inspiring. What has been the result of the loan modifications negotiated by lenders? 50% of FHA loan modification default rates that jumped in March. Bloomberg writes an article that spells out the situation in great detail.
You can read the article here:
http://www.bloomberg.com/news/2012-05-09/fha-new-foreclosures-jump-as-mo...
Comments (2)Subscribe to CommentsComment