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Tag Archives: Foreclosure Moratorium

Deadline to Request Independent Foreclosure Review Extended Again

The deadline to request an Independent Foreclosure Review got its second extension in less than two months. In late June, the deadline was pushed back from July 31 to September 30, 2012. Now, borrowers have until until December 31, 2012 to request a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Fed announced Thursday.

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Officials Launch Educational Efforts for $25B Settlement, Warn of Scams

Servicers have three years to provide relief to homeowners as outlined in the $25 billion national mortgage servicing settlement. To raise awareness and alert homeowners of the help that is available, HUD Secretary Shaun Donovan and Iowa Attorney General Tom Miller announced during a conference call a new settlement PSA and online resources through the HUD website.

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Barclays: Distressed Areas Leading Recovery

Data in Barclays' newest Securitization Products Weekly suggests that distressed markets are outperforming others in home appreciation and paving the way for a broad-based housing recovery. Barclays waved off concerns about shadow inventory, saying it is more of a symptom than a cause of depreciation and speculated that the share of distressed homes is a more significant factor keeping home prices down. An increased REO stock should actually be taken as a positive sign for non-distressed prices, Barclays said.

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Prices See First Yearly Gain Since 2007, Foreclosures Wane: Zillow

For the first time since 2007, home values saw a year-over-year gain in the second quarter of 2012, according to the Zillow Home Value Index (ZHVI). The index showed homes increased in value by 0.2 percent to $149,300 from last year's second quarter. Adding to the gain in value, foreclosures decreased again in June, with 5.8 out of every 10,000 homes counted as a foreclosure. Foreclosures have been on the decline since January, when 7.9 out of every 10,000 homes were foreclosed on.

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Los Angeles Sues U.S. Bank Over Deteriorating Foreclosures, Evictions

Los Angeles' city attorney, Carmen A. Trutanich, announced his office filed a lawsuit against US Bank over allegations that the bank allows its foreclosures to deteriorate into slum conditions and executes illegal evictions, according to a release Tuesday. The complaint cites more than 170 properties as examples of US Bank's illegal conduct. US Bank denied its role in the complaints, stating, ""We are extremely disappointed that the City Attorney's office has chosen to file this lawsuit. The city attorney has chosen the wrong party - we are not the owners of the properties, nor are we responsible for the servicing of the properties.""

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Foreclosure Starts Up for First Time Since 2009: RealtyTrac

In the first half of this year, over 1 million U.S. properties received a foreclosure filing, according to a midyear foreclosure report released by RealtyTrac. The exact figure - 1,045,801 - marks a 2 percent increase from the previous 6-month period and an 11 percent decrease from the first half of 2011. Second quarter foreclosure starts totaled 311,010, a 9 percent increase from the previous quarter and a 6 percent increase from a year ago. The increase is the first yearly rise in quarterly foreclosure starts since the fourth quarter of 2009.

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Price Declines Inevitable for Many States Due to Backlog: Agency

Based on its database, YouWalkAway.com foresees an inevitable decrease in property values due to backlog and delays in processing foreclosures. In Florida, 45 percent of YouWalkAway.com clients are in pre-foreclosure status, and on average, they are 17 months past due and still have not received their first formal foreclosure notice. In California, 59 percent of the agency's clients are in pre-foreclosure status, and on average, they are 15 months behind and still haven't received a foreclosure notice. ""This data points to significant backlog, eventual foreclosure activity and predicts a drop in value for home prices,"" said YouWalkAway.com CEO Jon Maddux.

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Settlement’s Impact on Foreclosures and Principal Reduction: Fitch

The most significant impact of the $25 billion robo-signing settlement has been the clarification of foreclosure standards for servicers, which has led to a higher number of initiated foreclosures, Fitch Ratings said in a note. Foreclosure initiation rates rose to roughly 12 percent in June, the highest figure since first half-2009, according to Fitch. While there has been an increase in principal reductions, Fitch said the growing use of principal reduction may be a continuation of an earlier trend, not a result of the settlement. In February, state and federal officials reached a landmark settlement with five of the largest servicers - Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally over foreclosure practices.

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Foreclosures Remain High but Improving Yearly: CoreLogic

The number of completed foreclosures in May decreased yearly and increase slightly from the previous month, CoreLogic reported Friday. The number of completed foreclosures last month totaled 63,000 compared to 77,000 in May 2011 and 62,000 in April 2012. Since the financial crisis began in September 2008, 3.6 million homes have been lost to foreclosure. May also saw a yearly drop in the number of homes sitting in foreclosure inventory with about 1.4 million homes, or 3.4 percent, in foreclosure compared to 1.5 million, or 3.5 percent a year ago.

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