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Tag Archives: Mortgage Debt

RealtyTrac Adds Property Equity Feature to Foreclosure Listings

RealtyTrac on Tuesday unveiled new site features of its online foreclosure marketplace that allow users to see the amount of equity - or negative equity - in a property based on its estimated market value and total outstanding loans. The company says this additional information will help buyers and investors quickly determine which distressed properties represent good purchase opportunities for them, and will help real estate agents and brokers pinpoint potential listing opportunities.

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Poll: 22% of Homeowners Have Difficulty Making Mortgage Payments

According to a new poll from the market research firm Harris Interactive, 22 percent of people with mortgages have difficulty making their monthly payments. The poll also reveals that 21 percent think they are underwater and owe more on the loan than their home is worth. Compared to the results of last year's poll, those struggling to pay their mortgage has declined by 7 percent, but the company says the improvement is deceptive since it likely reflects the fact that borrowers previously experiencing trouble have already lost their homes.

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Study: Consumers More Likely to Pay Credit Cards Than Mortgages

A study by the credit bureau TransUnion shows that when choosing which bills they can afford to pay, consumers are more likely to pay their credit card obligations and fall behind on their mortgage payments. TransUnion says this trend has continued for the past three years, and while the number of consumers current on credit cards but delinquent on their mortgage has declined slightly, it is more than 70 percent higher than it was at the beginning of the ""Great Recession.""

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Stewart Lender Services Announces Three Key Partnerships

Stewart Lender Services, a nationwide provider of centralized origination, loss mitigation, and REO asset solutions for mortgage lenders and servicers, has announced three key partnerships that will allow the company to expand its service offerings. Stewart is collaborating with Inglet Blair, LLC, Spectrum Field Services, and Field Asset Services.

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Economic Recovery Fails to Ease Financial Stress on U.S. Households

A rise in stock prices has helped to grow consumers' net worth, but financial duress related to housing and a weak job market are weighing heavy on U.S. households and overshadowing any assurances that an economic recovery is underway. The nonprofit credit counseling agency CredAbility has released its Consumer Distress Index results for the fourth quarter of 2010. The organization found that the health of household budgets has fallen to its lowest level since the first quarter of 2009, causing many homeowners to miss mortgage payments.

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HAMP Stats Increase in November with Permanent Mods Topping 500K

The government's key foreclosure prevention program has put 504,648 distressed homeowners into permanently modified loans since its launch in March 2009. Treasury released new numbers for the Home Affordable Modification Program (HAMP) Wednesday, and in addition to crossing the 500K threshold, the data show that servicers stepped up their use of the program. Permanent modifications in November rose 26 percent compared to October, and 20 percent more trial mods were started.

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Survey: Consumers Don’t Comparison Shop for Mortgages

Consumers usually hunt for the best deal -- except when it comes to their mortgages. While 96 percent of American consumers compare prices when shopping, nearly 40 percent obtain just one home loan quote, according to a new survey from LendingTree. The survey also revealed that only 28 percent of borrowers are very confident they received the best possible deal on their current mortgages. Even though 85 percent of consumers use the Web to comparison shop other items, only 21 percent say they shopped online first for mortgage rates.

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Household Wealth Increases Despite Heavy Real Estate Losses

The average American's financial situation improved during the third quarter, according to data released by the Federal Reserve. The news is seen as a positive sign for the nation's mortgage markets, which have been stressed by an elevated number of borrowers struggling to fulfill their mortgage obligations because of deteriorating personal finances. The Fed says household wealth grew by 2.2 percent, or $1.2 trillion, during the third quarter as stock market gains offset the $700 billion that was lost on real estate assets.

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Fannie Mae Says Consumers Uncertain Housing Market Has Bottomed

Americans are less certain that the housing market has found its floor, and continue to be wary of buying a home. Those are the findings of Fannie Mae's most recent nationwide housing survey. The GSE says consumer attitudes about the housing market are more negative since its second-quarter poll, but the declining optimism is reinforcing realistic attitudes toward owning and renting. For the first time, delinquent borrowers are more likely to say they would rent rather than buy their next home.

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Grip of Financial Distress Tightens Again in Third Quarter: Report

The overall financial health of consumers showed incremental improvements in the first half of 2010, but that progress was wiped out during a span of three months due to weaker household budgets, renewed strains on housing costs, and high levels of unemployment, according to the nonprofit credit counseling agency CredAbility. The average U.S. consumer has been in financial ""distress"" for nine consecutive quarters, with consumers in some parts of the country headed for financial ""crisis.""

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