Refinance or modify while it’s still possible

Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …

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Half of all loan modifications delinquent again within year

More than half of all homeowners with modified mortgages fell at least two months behind in their payments a year after the adjustment was made, according to a federal report released Wednesday. However, the data also shows that modifications made in 2009, which emphasized reduced monthly payments, may perform better. Only 40.7% of loans modified …

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