New data from the Treasury shows that the redefault rate for the Home Affordable Modification Program (HAMP) is far lower than many critics have projected and well below typical industry averages. According to the July report, the re-default rate (90 or more days past due) for homeowners in permanent modifications for at least six months is 1.7 percent. The latest figures from the OCC put the redefault rate of mortgages modified by the nation's 11 largest servicers – incorporating proprietary mod programs – at 57 percent.
SUNIL SETHI REAL ESTATE
Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
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