Many homeowners who have been given a break on their troubled mortgages quickly end up in trouble again, a growing problem that is bedeviling efforts to stem rising foreclosure rates.
A recent study by the Office of the Comptroller of the Currency found that more than 50% of troubled homeowners had missed at least one payment six months after a lender modified their loan, and lenders and other researchers report similar default rates on modified mortgages.
The high default rate on reworked mortgages is complicating efforts to address a housing crisis that is already among the worst on record.
Washington Post
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