In most cases, the Governments attempt to help Home Owners avoid foreclosure has failed miserably. Is anyone listening???
Moody's Takes a Closer Look at the Dynamics of Mortgage Re-Defaults
New statistics from Moody’s Investors Service might lead one to think that mortgage modifications are merely a temporary fix in most cases, serving to simply defer an eventual resolution of foreclosure, or in a best case scenario, another foreclosure alternative in which the homeowner relinquishes the property.
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“We have found that a loan that is modified and [then] reported as current is three times as likely to default over the ensuing twelve months as is a current loan that has not been modified,” Moody’s said in a report issued Friday.