Mortgage Re-Defaults: Are Modifications Enough?

I have written elsewhere about the joint report of the Comptroller of the Currency and Office of Thrift Supervision showing that a rising number of borrowers who had worked out payment plans or mortgage modifications with their lenders were in default again. The reason for those re-defaults? The mortgage modifications often don't lower payments. In fact, sometimes the payments increase. Chris and Cherita Barnes got a mortgage modification from their servicer, Ocwen Financial Corp., in March

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