All eyes are on roughly 800,000 homeowners who still start transitioning out of the Obama administration’s main foreclosure prevention initiative this year: Will they or won’t they keep up with their mortgage payments once the mortgage relief lapses?
via The foreclosure crisis is still burning years after the housing crisis ended.
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The source material for this story comes from a Washington Post article. While factually accurate, we don’t believe the huge redefault rate on modifications is real. In our experience, the mortgage servicers have done an abysmal job of processing the modification requests. We have seen many clients receive default notices when in fact they are paying their modifications timely. Some get so discouraged with the process and just walk away.