Six months to a year after homeowners have been helped out on the mortgage payment – either through loan modificiations, forebearance, or other grace periods – they are still falling behind on their mortgage payments. According to MSNBC.com, nearly 40 percent of homeowners fall behind again.
But nearly 40 percent of homeowners who had their monthly payments cut by 20 percent or more last year were delinquent again within a year, according to a report Monday from the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
With the economy still weak and employers continuing to cut jobs, “even if you’ve gone through a modification, your situation may deteriorate,” said Fred Phillips-Patrick, director for credit policy at the thrift office.
Still, the economic recovery depends upon job growth. Without consumer confidence in the ability to hold on to a job and without solid employment prospects, the real estate market along with the financial health of the country remains in limbo.
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Posted by: Loan Modification | December 22nd, 2009 2:37 am |