Seven Impediments To Successful Loan Modifications Lead To "Needless Foreclosures"

In a recent article, The Mortgage Professor, Jack Guttentag, lists and describes seven impediments to a successful loan modification of a delinquent mortgage. The list of impediments are:

1. Borrower denial,
2. Moral hazard,
3. Restrictions on servicers,
4. Scarcity of critically needed staff,
5. Mortgage insurance,
6. Second mortgages, and
7. Lack of public disclosure.

For a description of each of these impediments, and how the author defines a "needless foreclosure," see Why needless foreclosures happen anyway (Borrower denial, restrictions on servicers take toll).