Billions in Modified Pre-Crash Loans Continue to Perform

Posted To: MND NewsWireWhether due to lessons learned from the foreclosure crisis, an improved economy, or a combination of these and other factors, Black Knight, in its current Mortgage Monitor , shows that foreclosure prevention measures can work . The company says that the reperforming loan (RPL) market now has nearly 1.84 million borrowers who are current on their mortgages. At some point each of these was at least 120 days past due on that obligation. This pool of borrowers represents $306 billion in outstanding mortgage debt. The number of borrowers who have cured serious delinquencies is up by 30,000 since the first of the year as many of those who fell behind due to last year’s hurricanes have been able to catch up on their payments. Sixty-percent of these RPL borrowers, about 1.1 million, have been reperforming…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631