Fewer borrowers are redefaulting on their modified mortgages, according to a new report by the Office of the Comptroller of the Currency.
Only 12.7 percent of borrowers who had their loans modified in 2013 have redefaulted after six months. In 2009, the redefault rate stood at 32.2 percent and during the height of the foreclosure crisis in 2008, the redefault rate was 44.8 percent. A redefault on a modified loan is defined as when the borrower’s payment is 60 days past due or more. "By reaching out early servicers are able to make better decisions for them" and offer them more and different loss mitigation options, read more.
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