Loan Modifications Way Up With A Dramatic Increase In Prime Borrowers Going Seriously Delinquent
[caption id="attachment_104" align="alignleft" width="300" caption="Loan Servicers Say They Are Busy; Backed Up Trying to Keep People in Homes"][/caption] Loan Modifications and workouts have More than doubled in the past year! But they are being driven by more prime borrowers going delinquent. It has always been clear to me that this would happen as soon as the ARM’s and Pick-A-Pay loans started resetting. These borrowers are high income, high credit score homeowners who are obviously more likely to contact their bank and try to stay in their home. So becouse of the Governments newest push to keep people in their homes and homeowners who want to stay, Modification numbers have more than doubled. Instead of walking away and giving the banks no alternative to taking the...
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