Mortgage Modifications – Less Defaults and Foreclosures for 2010

Less Mortgage Modifications in 2010

The Office of the Comptroller of the Currency and the Office of Thrift Supervision released a report on Friday that indicated that mortgage modifications initiated in 2010 "performed better than other modifications".

30% of mortgage modifications performed in 2009 and almost 45% of the modifications performed in 2008 are in default.  However, for modifications that were performed in 2010, the default rate is closer to 10%.

Also, note that there have been more than 500,000 actions taken designed to allow people to keep their homes in the second quarter of 2010.

Posted by James Fried on Sunday September 26 2010, 10:26 PM EST. All trademarks acknowledged. Filed under Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0