http://www.cnbc.com/id/34134585 Citi just revealed this yesterday. As many as 8% are defaulting after the first 3 months of loan mod. 38% after 12 months.
it's gonna get worse. but please continue spending this christmas, it helps the economy , though pardoxically u need to save more,lol
The loan mods were a joke - simply lowering interest rates or extending terms does nothing, absolutely nothing. If a home is underwater and funds are tight, folks are going to walk. Its that simple. Unless these loan mods include principal reduction, they will be unsuccessful. And since the servicers will never accept having to take a loss like this, principal reduction will never occur. Hence, all loan mod programs are destined for failure.