Relevant:
- hamp permanent loan modifications double
- HUD releases Obama Administration's Housing Scorecard for July 2011
- Are Lenders "Cherry Picking" Loan Modifications for Homeowners Facing Foreclosure?
- Re-Default Redoux... The Debate Over Loan Mods is as Stupid as Ever.
- BofA Completes 33,000 Permanent HAMP Mods
2012-06-29 — ml-implode.com
The CRL, analyzing loan modification data for California, showed that 80 percent of borrowers that received permanent loan modifications in 2010 have remained current on their mortgage payments, and in fact only 2 percent of these borrowers have since lost their homes to foreclosure.
When you combine the results of the CRL study with the Treasury Department's most recent HAMP report, which shows that a little over 200,000 California homeowners have had their loans permanently modified under HAMP, it's unquestionable that loan modifications are by far the most effective tool we have for keeping borrowers at risk of foreclosure in their homes.
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