Page 22 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Court and sue you for the mortgage balance -- for the money that you owe the government. government backs the loans. fannie mae says, look, walking away is bad for borrowers and bad for communities. they say you have to prove that you are trying to work this out with your lender. either through a loan modification, through a short sale, or through a deed in lieu of foreclosure. it is still going to hit your credit. but it's not going to hit your credit like walking away will. i mean that's going to destroy your credit for a period of years. and fannie mae says they're going to lock you out. >>...

Loans that are delinquent. >> there be record-breaking numbers of foreclosures and the rate of redefaults was a whopping 51.5%. >> for all those people that are here and maybe they had a loan modification, maybe it took a little bit of the pressure off. however, there is still downward on salaries and wages. it's not like all of a sudden there was a big bag of money dropped. it's a struggle to meet the modified loans. >> bottom line many homeowners are being forced to sell under duress. good deals for buyers and part of the recovery as we've been hearing in order for the economy to bounce back...

Loans that are delinquent. >> there be record-breaking numbers of foreclosures and the rate of redefaults was a whopping 51.5%. >> for all those people that are here and maybe they had a loan modification, maybe it took a little bit of the pressure off. however, there is still downward on salaries and wages. it's not like all of a sudden there was a big bag of money dropped. it's a struggle to meet the modified loans. >> bottom line many homeowners are being forced to sell under duress. good deals for buyers and part of the recovery as we've been hearing in order for the economy to bounce back...

With the analogy of the pig and the python. the banks are trying to get what they swallowed a year ago processed and back in the marketplace. but there is a bigger pig yet to be swallowed, the 5 million homeowners that are delinquent. >> reporter: experts predict record numbers of foreclosures to be sent out this year. more than half of the homeowners will default within a year they say. rate of default last year on the modified loan was whopping 51.5%. >> so all the people that are here and maybe they had a loan modification, maybe it took a little pressure off. but there is still downward pr...

Homeowners defaulted again after nine months. it's understandable in this economy, could that lead to another housing crisis? laura ingle is live. it doesn't seem like -- it seems like it's a no brainer. the economy is still rough. they still want make the lower payments. >> it is so tough for so many people. experts say that any drop in foreclosures is positive, but that the recent dip should not be seen as a trend. these new figures we're talking about come from realty track, which is a company that collects foreclosure data nationwide. reps say this one month figure really doesn't speak to ...