Orlando Real Estate - Blog

November 11th, 2009 11:26 AM
I'm back on the foreclosure bandwagon again, especially after getting the Treasury's Home Affordable Modification Program status report this morning, and its glaring omission of any information as to how many borrowers are actually keeping up with the payments on their trial modifications. 

Good news that more than 650,000 borrowers have been put into trial mods, no news that we have no idea how successful those mods are now five months after the program really got cooking.

It's coming, that's what the folks at Treasury say. 

They also say that a lot of borrowers got extensions on the trial period in order to get paperwork together to move on to permanent modifications.  Insiders however tell me that a lot of that paperwork has to do with those so-called "stated-income" loans, where you just had to tell the lender what you make for a living, not actually prove it.  In order to move to a permanent mod, you have to prove it, so now we get to find out how many of those "liar loans" were just that.  complete story

Source: CNBC.com - Diana Olick

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Posted by Orlando Realty Experts on November 11th, 2009 11:26 AMPost a Comment (0)

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