More than 100K Mortgage Modifications Per Month

I found this graph on the Huffington Post.


It appears to be for Home Affordable Modification Program, and therefore omits modifications under Home Affordable Refinance Program and under the FDIC's Streamlined Modification.

Comments

[Dave Wrixon:]

100K offers a month might be OK if we were talking Wyoming. It is a drop in the bucket in a country the size of the US.

Nov 03 03:53 AM

[ThePhoenix:]

Lets see, and for the 3Q09, RealtyTrac is reporting 937,840 homes went into foreclosure or were sold at a foreclosure sale. Compare that to the statistics above 937,840 (in foreclosure) v. 343,805 (accepted trial mods), we see that we are only addressing about 1/3 of the trouble and even more important, the success rate of the trial mods has been traditionally low. Not looking like any real success here. Sadly, poor policy is teaching consumers to just walk away which will have a social impact for decades to come as the stigma of foreclosure and bankruptcy diminish.

Nov 03 10:04 AM

[MortgageLG:]

You really need to see the quality offered in these modifications. Sometimes they offer only that they will defer what the borrower is in arrears for 3 years w/ a balloon payment, no change in interest rate. Sometimes they drop the rate .25% , not really helping the borrower.

Nov 03 08:38 PM