The Real Deal Miami

SF still a center of loan modification activity

April 15, 2010 11:07AM

The number of mortgages modified in March was twice that of January,
but only 30 percent of delinquent residential loans have either
received a modification or are even in a trial period. South Florida
has 4.7 percent of the loan modifications under President Obama’s
foreclosure prevention program, according to a report by the U.S.
Treasury on the Making Home Affordable Program. As backlogged banks
struggle to resolve issues with foreclosures, some homeowners have even
turned to law firms for help with the integral “hardship letters” required as part of the program. Others have turned to so-called “strategic defaults,” choosing simply not to contest their foreclosures and stop payments entirely. [Sun Sentinel]