Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun finance A
default on a mortgage which has already been modified due to borrower hardship
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
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Examples
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Meantime, defaulting homeowners who receive just a reduction in interest charges often "redefault" within several months, putting them back in line for foreclosure.
FOXNews.com 2010
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Meantime, defaulting homeowners who receive just a reduction in interest charges often "redefault" within several months, putting them back in line for foreclosure.
FOXNews.com 2010
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Supporters of principal reduction say borrowers who receive such cuts are less likely to redefault.
Mortgage Servicers Resist But Cut Debts Ruth Simon 2011
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According to the study, homeowners who obtained a rate reduction were about 13 percent less likely to redefault than similar borrowers in similar situations who received a traditional modification.
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Those whose rate reduction was accompanied by a principal reduction were 19 percent less likely to redefault.
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It should come as no surprise that fewer troubled borrowers will redefault if their loan payments are lowered in a mortgage modification.
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The banks supposedly think that borrowers will either redefault on their modified loan or fix their financial problems all by themselves, either of which would make a modification not worth it.
Wonk Room » Fed Study Finds Lenders Still Not Willing To Make Mortgage Modifications 2009
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"Most borrowers who proceed through HAMP will face a precarious future," the report said, adding that "many borrowers will eventually redefault and face foreclosure."
Foreclosure-Prevention Program Struggles to Make Impact James R. Hagerty 2010
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"Most borrowers who proceed through HAMP will face a precarious future," the report said, adding that "many borrowers will eventually redefault and face foreclosure."
Foreclosure-Prevention Program Struggles to Make Impact James R. Hagerty 2010
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"Most borrowers who proceed through HAMP will face a precarious future," the report said, adding that "many borrowers will eventually redefault and face foreclosure."
Foreclosure-Prevention Program Struggles to Make Impact James R. Hagerty 2010
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