The number of delinquent mortgages continues to fall, but the foreclosure crisis is still taking its toll on hundreds of thousands of borrowers.
Of the approximately 952,000 borrowers who are 90 or more days past due on their monthly payments, but not yet in foreclosure, 62 percent have already been through some form of home retention program, according to Black Knight Financial Services (BKFS). They are, it seems, beyond help. Home retention programs were established by lenders and the government to work with borrowers to enable them to keep their homes.
“The percentages do look significant,” said Ben Graboske, senior vice president of Black Knight’s data and analytics unit. He pointed to trends in the government’s modification program, which has given borrowers less relief of late.
In 2010, homeowners on average could have received a $530 monthly payment reduction. That has dropped to the $450 range today. Graboske said that it is a major reason you are not seeing better performance for these homeowners today.
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