Is mortgage modification effective at preventing foreclosure? I have been looking for statistics regarding the effectiveness of mortgage modifications and have not found any good evidence of the effectiveness of the program. I can report that with my clients most receive a small reduction in their mortgage payments, but most do not receive any large payment reductions with mortgage modifications. The process also seems to take between six months and a year to complete. Lenders forgiving principal on the loans is not common, which is probably the most effective way of preventing foreclosure.
Effectiveness of Home Mortgage Modifications
July 15, 2010 By
