The share of home mortgage loan payments that are 30 days or more past due fell to a 20-year low of 4.0% in January, down from 4.1% in December and from 4.9% in January 2018. The foreclosure inventory rate fell year over year from 0.6% to 0.4%, also a 20-year low. The foreclosure rate has now dropped below the average pre-crisis level of 0.6% as rising home values have driven homeowners' equity Continue Reading
Fewer Americans are filing for foreclosures
February marks 8th consecutive month of annual decrease in foreclosure activity There was a moderate drop in foreclosures in February, according to ATTOM Data Solutions' latest Foreclosure Market Report. According to the Foreclosure Market Report, there was a 3% decline from the previous month and an 11% year-over-year decrease from 2018. Notably, only 54,783 U.S. properties were listed as Continue Reading
MORE MORTGAGES PAID ON TIME
Nation’s delinquency rate at 18-year low, thanks to sound economy, reforms It’s a real estate and social barometer that doesn’t get a lot of publicity, but it’s important: More Americans are paying their mortgages on time today than they have in nearly two decades, maybe even longer. That’s a big deal, because when large numbers of owners do the opposite — stop paying on their home loans for Continue Reading
DEFENDANT IN $4M MORTGAGE FRAUD SCHEME GETS PRISON
The last of six defendants who admitted roles in a $4 million mortgage fraud scheme was sentenced Wednesday to more than seven years in prison, according to the state Attorney General’s Office. The scheme preyed on people trying to save their homes from foreclosure, and included filing fraudulent documents, such as false bankruptcies and false court filings, the office said in a news release. It Continue Reading
Back From the Brink of Foreclosure
The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, completed 12,902 foreclosure prevention actions in November, according to the Federal Housing Finance Agency's (FHFA's) Foreclosure Prevention Report for that month. Along with those completed in November, the total foreclosure preventions by the GSEs since the start of their conservatorship now total more than 4.2 million. Continue Reading
Debt-to-Income and Delinquencies
Despite debt-to-income ratios rising in recent years, delinquencies have remained low in the five years since the Ability to Repay (ATR) requirements were introduced under the Dodd-Frank Act, according to the findings of the Consumer Financial Protection Bureau's (CFPB's) long-awaited report on the Ability to Repay (ATR) and the Qualified Mortgage (QM) Rule (ATR-QM Rule). The report, which looks Continue Reading
‘They destroyed me.’ Wells Fargo’s mistake forced her to sell her home
Michaela Christian lost a long battle with Wells Fargo in 2013 to save her Las Vegas home, a defeat she says changed the course of her life. When the bank refused to modify her mortgage, Christian moved in with a friend and scrambled to rebuild her life. Five years later, Wells Fargo admits it made a mistake. Christian, 46, qualified for the kind of mortgage help that may have saved her home Continue Reading
A Closer Look at Foreclosure Prevention
Fannie Mae and Freddie Mac took action to prevent more than 63,000 foreclosures in the third quarter of the year, raising the total number of foreclosure prevention actions to more than 4.24 million since September of 2008, the Federal Housing Financial Authority reported on Thursday. Additionally, there were 2,159 completed short sales and deeds-in-lieu during the quarter, bringing the total Continue Reading
Wells Fargo computer glitch blamed as hundreds lose their homes
Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan modification requests. About 60 percent of those homeowners went into foreclosure. Legislators, housing advocates, regulators and most importantly, Continue Reading
Can Education Costs Spur More Foreclosures?
According to the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit, U.S. student loan debt increased by $37 billion in Q3, up to a total of $1.44 trillion total as of September 30. A recent LendingTree analysis found that the median debt balance for millennials living in the 50 biggest U.S. cities is $23,064. This massive financial burden must inevitably send ripples Continue Reading
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