Coeur d'Alene Idaho Real Estate
Over the life of the government's Home Affordable Modification Program (HAMP), 1.2 million homeowners received permanent loan modifications. 27% of those later redefaulted on their loans and that number is expected to rise. The numbers should be startling but I can't say they really are. The hardships that caused the homeowners to default in the first place are often ongoing and something many good people are just not able to overcome.
It's disheartening that the longer a homeowner has been in a modification, the greater the chances of redefault. 48% of those who received their modifications early in the program, which began in 2009, have redefaulted. To be exact, 306,538 of those with permanently modified loans have redefaulted by falling 90 days behind on their mortgage payments. That means there are 865,100 people still in the program. Of those that redefaulted, 22% have entered foreclosure.
Read the entire article at DSNews.com here.
if you are having trouble keeping current on your modified loan, a short sale could be a really good option for you. As a seller, you have nothing to lose to attempt it. It will almost always be better for you, and your financial future, than a foreclosure. Give me a call and I will help you determine if short selling is a good option for you.
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