A prominent credit rating agency has published a report on lending trends in Florida and across the country. One area of interest was the default rate for loans that were modified. The study states that a loan modification that took place since 2014 was more like to re-default faster than a loan that was modified earlier.
The agency cites that of those loans that re-defaulted, 75 percent of them defaulted within two years of their modification. Experts say that this percentage is reflective of the credit history of the consumers who need their loans modified. They typically have lower credit scores and may even have had a prior loan modification that failed.