A credit reporting company recently analyzed about 5 million mortgages to determine, in part, if borrowers who received mortgage modifications kept up with their payments after the modification. TransUnion found that more than half of those who received a mortgage modification were behind on payments a year-and-a-half later. The June 21, 2012 New York Times article was optimistic still.

The numbers show that many borrowers with a mortgage modification were able to take on new credit. Additionally, those borrowers were able to pay their credit card bills and auto loans. Of borrowers who had a mortgage modification in the past, 6% were late on auto loan payments. Of borrowers who did not obtain a mortgage modification, but had also been delinquent, 11% were late on auto loan payments. The group vice president for financial services at TransUnion said, “I view (the findings) as positive news for lenders and borrowers.”

If you are in debt or have fallen behind in your mortgage, and you are considering bankruptcy, then you should contact a qualified lawyer. Jayson Lutzky is a Bronx personal bankruptcy attorney who has more than 30 years of legal experience. He offers free, confidential in office consultations. To set up an appointment, call 718-514-6619 or visit www.MyNewYorkCityLawyer.com for more information.