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what is the national average for delinquency rate for home owners once they have received a loan modification?
(San Diego, CA)

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Alfonso posted on 13 Feb 2012 03:45 PM

What is the national average in days for homeowners to again become delinquent once they have received a loan modification of any kind?

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Answered (Verified) darenb replied on 15 Feb 2012 08:26 PM
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I don't know of any report that tracks that exact statistic in days, but you can see default rates on modified loans over the past few years, broken down by 30, 60 and 90 days delinquency, on the Q3 2011 Mortgage Metrics Report put out by the Office of the Comptroller of the Currency.

 

This report shows that of the approximately 2.3 loan modifications that have taken place since 2008, 50.8 percent of those modifications remained current or had been paid off.  Another 8.8 percent were 30-to-59 days delinquent, and 17.8 percent were seriously delinquent.  Eleven percent were in the process of foreclosure and 5.8 percent had completed the foreclosure process.

 

In total 43 percent of the loan modifications have fallen back into delinquency or foreclosure.

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Answered (Verified) darenb replied on 15 Feb 2012 08:26 PM
Verified by darenb

I don't know of any report that tracks that exact statistic in days, but you can see default rates on modified loans over the past few years, broken down by 30, 60 and 90 days delinquency, on the Q3 2011 Mortgage Metrics Report put out by the Office of the Comptroller of the Currency.

 

This report shows that of the approximately 2.3 loan modifications that have taken place since 2008, 50.8 percent of those modifications remained current or had been paid off.  Another 8.8 percent were 30-to-59 days delinquent, and 17.8 percent were seriously delinquent.  Eleven percent were in the process of foreclosure and 5.8 percent had completed the foreclosure process.

 

In total 43 percent of the loan modifications have fallen back into delinquency or foreclosure.

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Alfonso replied on 16 Feb 2012 12:06 PM

Thank you darenb. I did click on link and read information, very sobering information. Thank you. Alfonso

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