The story of two modifications that immediately fail
Any modification that immediately fails needs to be investigated just like any loan that never makes a single payment. It is even more important to review a failed modification when investors take an extraordinary high loss. We find it highly suspicious that after all the paper work and review that goes into a loan modification, that the borrower never follows through on their new obligation. Our curiosity makes us dive deep into the publicly available data to find out why.
Today we focused on two “immediately failed” modifications with the following criteria:
Extreme number of months delinquent prior to modification (Ocwen serviced)
Extreme loss to investors and first payment default (Chase serviced)
We will be back before the New Year reviewing the December 25th remittance. Happy Holidays
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