The Law Office of Michael E. Ripley

Exceeding Expectations

Amount of Loan Modifications are Steady; Short Sales are Down

In an article on MortgageNewsDaily.com (April 2, 2014), the rate of loan modifications in the U.S. has remained steady, however the rate for short sales has considerably decreased. In the fourth quarter of 2013, there was a decrease in short sales of about 25%, compared to the third quarter. However, in the fourth quarter of 2013 for loan modifications, there were over 100,000 completed. There have been 3.1 million loan modifications since 2008, of which 1.6 million received permanent or final loan modifications and another 900,000 received some other type of home retention assistance.