This is a repost from fellow short sale pro Kevin Kaufman of Group 46:10 – Arizona’s Premier Short Sale Team

“…why loan mods are nothing more than a delay of the inevitable.” – Kevin Kaufman

If you’re in Arizona and need help with a short sale, then seek the best @ “Arizona’s Premier Short Sale Team” – the dynamic duo of Kevin Kaufman & Fred Weaver.

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50% Of Rescued Mortgages Have Re-Defaulted

Click HERE to view full article.

The latest data from the Office of the Comptroller of the Currency (OCC) shows that over 50% of homeowners who had their loans previously modified in order to avoid foreclosure have re-defaulted. This seems like an awfully high failure rate.

As one might expect, mortgages which were given higher cuts to their monthly payments (during the modification process) have been less likely to re-default. More help prevents re-default.

Hopefully the Making Home Affordable plan has encouraged more aggressive modifications. Past mortgage modifications were clearly just a delaying game, rather than a solution, since in the end more than 1 out of 2 “rescued” mortgages re-defaulted. It should have been done better the first time.

Were financial institutions unable to face the upfront losses which more aggressive mortgage modifications (and the haircuts they might cause) would have caused? Feel free to enlighten us here.

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If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist
The Foreclosure Mitigation Company

1-702-204-3945 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com