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Tag Archives: Foreclosure

Non-foreclosure Solutions Remain Strong

New data shows that 30,000 permanent loan modifications and 95,000 non-foreclosure solutions were completed for the month of February. The month saw only about 22,000 foreclosure sales. Around 90 percent of families that had a rate-resetting loan modification for the month avoided foreclosure.

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Virginia Law Firm Welcomes Associate

Rosenberg & Associates, LLC, has welcomed Sarah Tozer to its Vienna, Virginia office. Rosenberg & Associates provides foreclosure, title curative, bankruptcy, eviction, litigation, and REO services in Maryland and Washington, D.C., in addition to Virginia.

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FHFA Reports Drops In Refinances

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

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Foreclosures Fall Below Pre-recession Levels

New data shows U.S. foreclosure activity has hit its lowest point since 2006. Now below pre-recession levels nationwide, there was an 11-percent drop in foreclosure filings in Q1 2017. Nearly half of all metro markets have also fallen below pre-recession levels.

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GSEs Complete 15K in Foreclosure Prevention Actions

An FHFA report reveals the GSEs completed nearly 15,000 foreclosure prevention actions in January, bringing their total to 3.8 million since the beginning of conservatorship. The report also revealed that GSE foreclosure starts jumped 10 percent for the month, while third-party and foreclosure sales increased 16 percent. The seriously delinquent rate stayed steady, while delinquent loans 30 to 59 days and 60-plus days both dipped.

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Foreclosures, Delinquencies Drop Year-Over-Year

CoreLogic released its monthly Loan Performance Insights Report for January 2017, which analyzes rates of delinquency and foreclosure. In January 2017, 5.3 percent of mortgages were delinquent by 30 days or more, a 1.1 percent percentage point decline in the overall delinquency rate year-over-year. Overall, delinquency rates saw steady drops year-over-year.

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Court Finds No Pro-Bank Bias From Judge in Foreclosure Case

In March, a homeowner sued Bank of America and several other mortgage companies for allegedly attempting to illegally foreclose on his property, and went on to claim that the assigned California federal judge has shown a pro-bank bias, citing that the jurist has tossed 56 out of 57 foreclosure-related cases to come before him since 2008, Law360 reports.

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Fannie Mae Clarifies Clear Boarding Policies

The GSE no longer allows plywood to be used on homes in preforeclosure, however, this rule does not apply to Fannie Mae’s REO properties. As of March 29, servicers have 90 days to re-glaze/repair or clear board all unsecured and previously plywood boarded windows. Additionally, Fannie Mae will allow servicers seven days to secure a property after it has been found vacant, by re-glazing/repairing or clear boarding.

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Dealing with Title Defects in Foreclosure Proceedings

Defects in a chain of title can have devastating effects on the mortgage servicer’s ability to recover an asset associated with a nonperforming loan. The webinar discussed how to navigate regulation and correct mistakes, and what to look out for in judicial foreclosure states.

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A First Look At February Delinquency Data

The total national loan delinquency rate (loans 30 or more days past due, but not in foreclosure) fell to 4.31 percent, a 0.98 percent decline, in February. This is a year-over-year drop from last year of 5.51 percent. Foreclosure sales dropped month-over-month to 1.87 percent, a decline of 16.23 percent, but increased year-over-year by 0.22 percent.

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