Modifications Still Difficult to Obtain

By Kyle Chezum Updated on 12/29/2010

12/29/10

Bruce Krueger, lead mortgage expert for the Office of the Comptroller, feels that the housing market will soon stabilize.  But mortgage modifications have grown increasingly more difficult to obtain.  The third quarter of 2010 saw a significant decrease in the number of delinquent homeowners who received mortgage modifications.  The government’s foreclosure reduction plan has met with highly limited success, modifying about 500,000 mortgages, 3 million less than it had hoped.

“I really can’t forecast whether there’s going to be a continuing decline,” Krueger said, “but I think we’re going to see more stability.”  This is not wholly comforting.  Distressed and delinquent homeowners are no closer to salvation, despite whatever stability may rest on the horizon.

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