Defaults are on the Rise for those who Qualified for Loan Modifications

loan-modification.jpgThe race to modify home loans may be quickening, but so too is the pace of those who are re-defaulting on their home loans even after their loans are modified.

Recent statistics show that 1 in 5 U.S. homeowners whose loans were modified under HAMP were at least 60 days late in their payments a year after their mortgages were modified. On the other hand, the number of active, permanent modifications reached 521,630 as of December 31st under HAMP. But that number is still far lower than the originally intended 3 to 4 million homeowners it was supposed to help.

The pace of defaults also continues to pick up steam. A record 2.87 million properties received notices of default, auction or repossession in 2010. More troublesome yet is that 15.8% of all permanent modifications were at least 90 days late in making timely payments.

Consider Your Options. Contact Us Today.

We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.

Call us today toll free at 1-866-518-2913 or at 305-263-7700.