“A loan modification is just one piece of the puzzle.”
I’ve been saying this for quite some time, but first posted it in a post I made on the proposed Foreclosure Prevention Czar in October of 2008.
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Fitch Ratings, a financial rating and advisory firm, issued a recent report predicting that 55-75% of all HAMP loan modification recipients will re-default, or fall behind again on their mortgage payments after their loans are modified.
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In another answer to “How successful are loan modifications?” First Federal of California reported its loan modification statistics. According to Housing Wire, “The national average for a 30-day delinquency rate on modified loans is 63.3%, whereas First Federal is 29.8% on loans adjusted in the Q108.”
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