Mortgage Modifications Declining

As a Fort Lauderdale Bankruptcy attorney and Fort Lauderdale foreclosure attorney, I repeatedly see the delays, frustrations and eventual rejections of mortgage modification applications. The following information is taken from the Sun-Sentinel on December 30, 2010.

Mortgage aid trailing off-foreclosures rising.

Fewer troubled homeowners are receiving help with their mortgages as government efforts to prevent foreclosures are slowing.

…(The number of modifications had) a 17 percent drop from the previous quarter and a decline of 32% from the same period last year.

The pool of homeowners eligible to have their mortgages modified is declining, federal regulators says, as banks have concluded many distressed borrowers can’t be helped…That is pushing up the number of foreclosed homes, which keeps prices low…”

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