Tag Archives: Foreclosure

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.

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.

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.

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.

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.

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.

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.

Consumers sought more non-foreclosure solutions, such as loan modifications, short sales, deed in lieu, and workout plans, for January 2017. These approximated 102,000, compared to 26,000 foreclosure sales.

Though foreclosures are dropping nationally, 10 states and the District of Columbia experienced increases in foreclosure activity.

Following the peak in 2010, foreclosures began to steadily decline year by year, dropping by 100,000 per year through 2016.