Broward County in trouble, more loan modifications needed
July 22nd, 2010
RealtyTrac reported that nearly 38,000 Broward homes were in some stage of foreclosure during the first half of 2010. While this is ten percent down on the previous six months, the number of homes that the lenders are repossessing is up.
Everybody was hoping to get a principal reduction on their mortgage. Obama’s loan modification program was touted by many as a solution to this crisis. Homeowners are now discovering that they were not able to qualify for the much heralded loan modification schemes and are letting their homes go.
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