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