Fewer Americans re-defaulting on mortgage modificationsNew reports reveal that homeowners who have obtained modifications as of late are finding it easier to meet their mortgage responsibilities. The latest data from the State Foreclosure Prevention Working Group - a collaboration of 12 state attorneys and banking regulators - revealed that homeowners who received modifications in 2009 were 50 percent less likely to fall behind on payments within a 60-day period in contrast to those who received lower payments in 2008.The study also showed that the number of homeowners who fell into serious delinquency during the first six months of receiving a modification declined from 31 percent in 2008 to 15 percent in 2009. "The report certainly indicates there are positive developments with regard to loan modifications. However, there is still a tremendous amount of work to be done to prevent unnecessary foreclosures," Conference of State Bank Supervisors CEO Neil Milner said. Despite the decline in re-defaults, separate reports conducted by RealtyTrac show that analysts expect foreclosures to continue over the next few months and reach an estimated 3 million by the end of 2010. 
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