Join Date: Apr 2012
Location: Your House Soon...Soon
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I believe it was somewhere around 50% at the height of this mess. 27% sounds like an improvement.
Of course lenders like Chase were telling the homeowners to skip payments on their mortgage in order to qualify for modifications, then their paperwork would disappear and they would lose their homes anyway.
With the HAMPS, dropping the payments from say $2300 per month to $1500 didn't make a lot of difference if it was an ARM that spiked or they were down to one income stream. You can't put a guy working at McDonald's into a Hummer and then tell him you'll cut the payment in half if all he can afford is a Yugo in the first place.