Bank Mortgage Modifications More Likely to Fail
Posted by Katie Paulsen
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Bank Mortgage Modifications More Likely to Fail
Mortgages that are modified under the government’s Home Affordable Modification Program, known as HAMP, are significantly more likely to avoid re-default, compared to mortgages modified through a lender program.
Nearly 11 percent of HAMP-modified mortgages are at least two months behind in current payments, according to a report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision released Friday.
At the same time, more than 22 percent of non-HAMP loan modifications had re-defaulted.
"There is a correlation between sustainability of payment and the reduction in the payment," said Joe Evers, deputy comptroller of OCC.
The government brings payments down to 31 percent of income, while mortgage company modifications often take a different tack.
Source: CNNMoney.com, Tami Luhby (09/24/2010)
For More Information:
https://www.houstonshortsalesite.com/?pgcnfID=109993
Mortgages that are modified under the government’s Home Affordable Modification Program, known as HAMP, are significantly more likely to avoid re-default, compared to mortgages modified through a lender program.
Nearly 11 percent of HAMP-modified mortgages are at least two months behind in current payments, according to a report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision released Friday.
At the same time, more than 22 percent of non-HAMP loan modifications had re-defaulted.
"There is a correlation between sustainability of payment and the reduction in the payment," said Joe Evers, deputy comptroller of OCC.
The government brings payments down to 31 percent of income, while mortgage company modifications often take a different tack.
Source: CNNMoney.com, Tami Luhby (09/24/2010)
For More Information:
https://www.houstonshortsalesite.com/?pgcnfID=109993
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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