700,000 borrowers quit paying their mortgages in June - TopicsExpress

700,000 borrowers quit paying their mortgages in June dlvr.it/3tNkL0 The conventional wisdom is that mortgage delinquencies are falling because the economy is improving, borrowers are going back to work, and they are resuming payments on their mortgages. Unfortunately, reality bears little resemblance to this spin. In truth, almost no borrowers resumed making payments according to the original terms of their mortgage. Delinquencies are falling because lenders are offering greatly reduced payments to squeeze a few more dollars out of debtors while everyone waits for prices to rise back to the peak. And despite lenders best efforts to make their loan modification deals too-good-to-be-true, nearly half of those given these loan modifications end up defaulting again.

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