Friday, July 31, 2015
Current Weather
Loading Current Weather....
Published: Tuesday, 8/24/2010

Later modifications of mortgages fare better


BOSTON — Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released Tuesday, possibly debunking predictions of a huge wave of defaults to come.

The State Foreclosure Prevention Working Group warned of other troubling signs, however. The group of 12 state attorneys general and state banking regulators said that foreclosures still easily outpace the number of loan modifications.

Modifications usually lower monthly payments and reduce the odds of losing a home.

And nearly 63 percent of homeowners with seriously delinquent loans aren't taking part in foreclosure prevention programs, the group found.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.