Tag Archives: Foreclosure

The terms “fast track” and “foreclosures” don’t normally go together, but several industry and government leaders are boldly stepping up to help the heavy system see the light.

The Federal Housing Finance Agency recently released its monthly report on foreclosure prevention for April, but are the Enterprises doing enough to ensure maximum home retention? You be the judge.

A fast-track foreclosure option will become available in October, but the criteria, risks and potential pitfalls should be reviewed to improve chances of success.

A major company in the mortgage industry shed hundreds of nonperforming loans recently. Read on to find out which company, and how much their haul was for.

The May 2017 Existing Home Sales Index was released Tuesday, showing that even though inventory is slightly on the rise compared to April 2017, median home prices are still increasing as well. Existing, unsold properties are coming off the market at record times, and foreclosures and short sales are contributing factors. Some industry professionals, however, wonder how long this trend will last.

The Maryland legislature has passed House Bill 26 (HB26) that amends the foreclosure notice provisions contained in Maryland Real Property Article 7-105.2. The legislature in Annapolis also passed House Bill 1048 (HB1048), which adds a new registration component to the Maryland foreclosure process. Once it becomes effective, the law will require the property to be registered with the states’ Department of Labor and Licensing Regulation within seven days of docketing the case.

Thursday, a fast-track foreclosure law expediting the foreclosure process was signed by Maryland Governor Larry Hogan. With the intent to reduce community blight, this bill was signed in the footsteps of a similar bill in Ohio. Industry experts provide commentary on the impact this bill may have, including being the push for other states to move forward with their own fast track foreclosure bills.

With inventory dropping, including the distressed sale inventory, investors are moving to built-for-rent sales. A recent report noted that more and more investors are building rental homes themselves to make up for the gaps. Putting the blame on tight mortgage standards and rising prices, many younger buyers are holding off on buying a home, and investors are cashing in on the desire for detached-homes without the down payment.

On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.

According to the City of Philadelphia, black borrowers of Wells Fargo loans were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.