Mortgage Delinquency Rates on the Rise

More and more homeowners are turning to loan modifications to prevent foreclosure in their homes. According to the latest Office of the Comptroller of the Currency [OCC] and OTS Mortgage Metrics Report, the percentage of modifications increased to more than 78% of all new modifications, up from about 54% in the previous quarter. But despite the large number of modifications, it wasn’t enough to stem rising mortgage delinquencies. The report shows that over 50% of homeowners who had their loans previously modified have re-defaulted.

The report, which covers 34 million loans, totaling $6 trillion and representing about 64% of all first mortgages outstanding in the U.S., also showed the number of homes lost to foreclosures rose about 17% in the 2Q.

Read the full OCC report »

Table: OCC

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