foreclosure: Going, Going…Not Quite Gone. Foreclosure Stats Finally Begin to Dwindle.
- 04/08/11 09:14 AM
It seems a long time that the words phrase “foreclosure rates” has been a regular part of any real estate professional vernacular, and despite the recent slowdown in foreclosure rates, we are far from seeing an end to them. Bank filing errors from robo-signing and MERS have slowed down the foreclosure processes enough to cause a bit of a lull in the foreclosure market. In a recent report from Office of Thrift Supervision covering Mortgage Metrics, the following numbers noting completed foreclosures for the last 4+ quarters were shown:
That being said, knowing that the market still has foreclosures to … (0 comments)
foreclosure: CONNECTICUT FORCES BANKS TO MEDIATE WITH HOMEOWNERS GOING INTO FORECLOSURE
- 01/06/11 04:24 AM
Providing a much needed service to struggling homeowners, Connecticut is one of the few states that are making mediation's mandatory. Connecticut courts are arranging for banks to sit down with borrower's facing foreclosure and attempt to hammer out a settlement rather than going to court. The negotiations are assisted by a third party mediator and are producing loan modifications and other acceptable settlements at higher rates than those states with only voluntary mortgage mediation programs. Nationwide, the number of troubled homeowners receiving assistance with their mortgages has been falling leading to a continuation of the foreclosure problem. In states such as Connecticut that require foreclosure … (0 comments)
foreclosure: Adjustments to Desktop Underwriting Guidelines
- 12/17/10 12:55 AM
With the foreclosure market still warm and credit concerns on the mind of many homeowners, the need for information and tips to manage these debt scenarios is high. The Federal National Mortgage Association has reported the latest version of the DU guidelines. Here are a few highlights: • Foreclosure: The waiting period that must elapse after a borrower experiences a foreclosure will increase to 7 years. • Revolving Debt: If a payment is not included in the online loan application, DU will calculate an estimated payment of the greater of $10 or 5% of the outstanding balance. • Income: DU messaging … (6 comments)
It seems a long time that the words phrase “foreclosure rates” has been a regular part of any real estate professional vernacular, and despite the recent slowdown in foreclosure rates, we are far from seeing an end to them. Bank filing errors from robo-signing and MERS have slowed down the foreclosure processes enough to cause a bit of a lull in the foreclosure market.
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