Loan Modifications And Foreclosure Statistics – Are Loan Modifications An Exit Strategy For Foreclosures Or Band Aids Applied To A More Serious Wound?

By Marie-Ann Greenberg, Chapter 13 Trustee District of New Jersey (Fairfield)

As we contemplate the role that loan modifications play within a Ch. 13 bankruptcy, we must also examine how we got here. Since the financial housing collapse in 2008, approximately 4.9 million foreclosures were completed. The inventory became a staggering figure and for many still is. Who is going to purchase these properties? Certainly not the young adults who are straddled with overwhelming student loan debt. To counteract the situation, loan modifications became one of many tools used by all players in the foreclosure action. However, loan . . .

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