Fitch Ratings, a N.Y.-based credit-rating agency, recently released a report that 65 to 75 percent of home loans modified through the Home Affordable Modification Program (HAMP) are likely to default. The reason that the report cited problems still occur after a modification is because the borrowers do nothing to solve the rest of their debt problems after getting help with their mortgage loan. In the end, most of the people who receive this type of help end up losing their homes anyway through a foreclosure or short sale. (CNN Money)
