I know a few people who have tired for mortgage modifications, some more successful than others. Without exception, the first thing they are told is that you need to be 60+ days delinquent to even qualify.
Thus, how much stock can we put in the delinquency numbers as it pertains to pending inventory. The presumption is that these homes will untimely end in foreclosure. Although certinaly some will still be foreclosed upon, I’d be curious to see the conversion ratio over time. In other words do 90% of homes that are 60+ plus end up in foreclosure? 70%? How many on a percentage basis make their way all the way through the pipeline? And more importantly, has that percentage changed over the past few years given that the rules of the game have been modified as this crisis has unfolded.
Anyone know if this data exists?
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