I think the current figure for default of "modified" mortgages is running about 59%. The same people who wouldn't pay the mortgage on the original terms still won't pay when the terms are modified. I predict they will default again...after responsible people are burdened with their irresponsibility.
I think the current figure for default of "modified" mortgages is running about 59%. The same people who wouldn't pay the mortgage on the original terms still won't pay when the terms are modified. I predict they will default again...after responsible people are burdened with their irresponsibility. I read within the past week (may have been Mish Shedlock's blog, or Minyanville, but don't quote me on that part)...that most of the "refinanced loans" lowered the interest rates, but that other fees and such were tacked on so that the monthly payment was pretty much the same.
So there was no noticeable difference to the borrower.
Cheers!