Wells Fargo increased the number of loan mods they completed by 64% last month Not to be too much of a cynic, but my understanding is that 80+% of all loan mods fail within 12 months and the borrower again gets behind on their payments.
With the new set of ARM adjustments (and the resulting foreclosure wave) coming, it will be interesting to see how common loan mods are going to get. I hope that they are real solutions for folks and the real estate market can stabilize.
What do you think?
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