30% of FHA Modifications re-default

In an article from Housing Wire, author Jon Prior explains that 30% of FHA mortgages that go through the modification process, end up defaulting again within one year.

This is a staggering number, and gives further ammunition to those who believe the modification process isn’t worth the cost.  Imagine any business or service provider that failed at a 30% rate.  They wouldn’t be in business for very long.  The only silver-lining is that this 30% rate or re-default has actually decreased from years past.

To read the entire article, visit:  http://www.housingwire.com/2011/11/18/30-of-fha-mortgage-modifications-redefault-within-a-year?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

For info on Norwalk area real estate, visit: www.ToddTurcotte.com