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Loan Modification

: Mortgage Lender Implode-o-Meter

More than Half of Completed Loan Modifications Re-Default; Why?

By Implode-Explode Heavy Industries

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"The latest federal report on loan modifications shows that loan modifications carried out from January to April 2009 had a re-default rate of 51.5%. Re-default is defined by the report as any modified mortgage that has pending payment that is 30 days or more late. The same report highlights that re-default rates of modified loans in the last 12 months is 57.9%. This means that loan modifications are a) not doing what they are meant to; help people keep up with their monthly mortgage payments. And b) are getting worse at it."

Full post as published by Mortgage Lender Implode-o-Meter on April 06, 2010 (boomark / email).

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