Industry NewsMortgage

Loan workouts up 25% in June

Trial modifications classified as repayment plans
Published on Jul 29, 2009

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by CareyBot

Mortgage servicers participating in the HOPE NOW alliance boosted loan workouts by 25 percent from May to June, helping the number of workouts to exceed foreclosure starts for the month for the first time since April.

More than two out of three of the 310,000 loan workouts accomplished in June were categorized as repayment plans, rather than loan modifications that reduce borrower's payments and are considered less likely to redefault.

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