Foreclosures Rise from 6yr Low
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Foreclosures Are Up

Foreclosure activity accelerated in July rising off of the 78 month low it reached in June, RealtyTrac said today. There were 130,888 foreclosure filings – including default notices, scheduled auctions, and bank repossessions – in June, the Irvine, California company reported, a 2 percent increase from the previous month but a level 32 percent below that in July 2012. One in every 1.


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Problem loans going away
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Mortgage Delinquencies Rates 2013

Mortgage delinquencies in May posted thelargest year-to-date drop seen since 2002, Lender Processing Services (LPS) said today. Delinquencies were down 15 percent from the end of December 2012 to a May rate of 6.08 percent. This was a drop of 2.11 percent from April. LPS Applied Analytics Senior Vice President Herb Blecher said that much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average.

Blecher said, “Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period, delinquencies have come down significantly from their January 2010 peak. Fewer problem loans are coming into the system, the existing ones are working their way through the pipeline. New problem loan rates are now  extremely close to average.


Where the market has not hit bottom
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The Foreclosures Facts

 RealtyTrac found. while the number of overall foreclosures fell by 35% in June from a year ago – to the lowest level since December 2006 – the number of so-called judicial foreclosures surged 34%.

In California, we have a trust deed state. That means that foreclosure is a set process that just goes through the steps with no judge involved. It takes a lot less time here. If you need a judge, it’s a lengthy process especially with the fact that most states are broke and have laid off employees.

There are 23 “judicial states,” where the courts oversee the foreclosure process. “If it is a judicial foreclosure, then it goes through the court system and the bank has to sue the homeowners,” Foreclosure signexplains Carey Frankel, a Realtor based in Ponte Vedra Beach, Fla. “This is a lengthy process that delays the time from default to actual possession of the property by the bank,” Frankel says. In a non-judicial state, the lender might only notify the owners that they are in default before putting the home up for auction. (Each non-judicial foreclosure state has its own requirements.)

Foreclosures in New Jersey rose 103%, Florida surged 100%, Maryland 94%, New York 66% and Illinois 65%. What’s more, many of these properties are likely to come to market in the next six to 12 months, says Daren Blomquist, vice president at RealtyTrac. “If you missed the bottom of the housing market, this might be the last chance to get a bargain on one of these foreclosure “, he said.


Loan mods- the joke of the decade.
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Loan Mod. Application
Banks are up to their usual tricks. It seems as if nothing has changed. We pass laws and they laugh at us. Here is more proof.

The IFR settlement gives loan modifications—which keeps people in their homes—and short sales “equal footing” by providing dollar for dollar credit for both foreclosure alternatives So it’s possible for servicers to meet their required goal of providing $5.7 billion in mortgage assistance by offering only short sales and deeds-in-lieu since there are no limits on what types of relief must be provided. That does not bode well for loan mods. The amount actually approved is ridiculous.

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Loan Modifications- what you need to know.
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When talking to sellers who are in trouble, the topic of loan modification will always come up. You need to have some basic information to give to them.
First of all, there are very tight qualifications for this process and it ain’t easy. If you make too much, you are turned down. If you make too little, you are turned down. You have to learn all the ins and outs so you can help the homeowner face reality if they don’t fit.

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