New word for our vocabulary this year: Re-defaulting
By Ed Newman
(Alamo Infrared, LLC)
Not surprising - People that over charged their credit cards, over qualified for their mortgage on a home that they couldn't afford in the first place, with an ARM that they could never face when it came due (my dad would say - bit of more than they could chew) faced defaulting and foreclosure went crying to the government and the government replied with mortgage modifications earlier this year and after a short sigh of relief - guess what? They are defaulting again - Re-defaultingSurprising? Not surprising at all!"The results, I confess, were somewhat surprising, and not in a good way," said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum."Put simply, it shows that over half of mortgage modifications seemed not to be ...