When Mortgage Assistance Does Not Work
February 24 2009 - The federal government has a small operation called the Office of Thrift Supervision, which, among other things, keeps track of mortgage defaults. It defies common sense, but the agency says that many people who have mortgages re-worked to their financial advantage often default on their obligation anyway.
According to MarketWatch, the data show that “loans modified in the first three months of 2008 showed that 37% of borrowers were more than 30 days behind on their payment within three months, and 55% had re-defaulted within six months.” This information opens a Pandora’s Box of whether the Administration’s plan to help homeowners bring down their monthly payments will make any difference to the real estate market.
When Mortgage Assistance Does Not Work
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