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Mortgage Re-Defaults Increasing At An 'Alarming Rate'

Monday, April 29, 2013 - 8:32 AM
Even many of those homeowners who successfully navigated the obstacles to a mortgage modification are in trouble. At a time when the housing market is generally accepted to be in a robust recovery, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has issued a warning.

“SIGTARP is concerned that the number of homeowners who have re-defaulted on permanent mortgage modification under TARP’s signature housing support program, HAMP, is increasing at an alarming rate,” the Inspector General said in a new report.

After four years only 862,279 remain in a HAMP permanent modification. As of March 31, 2013, more than 312,000 homeowners have re-defaulted on their HAMP permanent modification, according to the report.

Mortgage re-defaults increasing at an 'alarming rate'
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
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