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Lenders Don't Like Modifications

The big foreclosure prevention effort by The Obama administration is not looking on the bright side.  The $75 billion that was set aside to help borrowers get back on their feet  is not as sweet as it sounds because mortgage lenders do not see any profit from the modified loans.  This will ultimately lead to more foreclosed homes.

An astonishing 665,410 loans that were originated between ’05 and ’07 became seriously delinquent.  Of this extraordinary amount of loans, reports say that only 3% of borrowers were able to get a loan modification for lower monthly payments, and around 5.5% received workouts that did nothing to their payments.

On another note, about 45% of relatively 150,000 borrowers who were able to get some kind of relief ended up in trouble again, but about 30% of the delinquent borrowers were able to take care of the mess themselves.

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