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foreclosures

Foreclosure Inventory Hits Lowest Point in Five Years

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Lender Processing Services  Inc. (LPS) has reported the following "first look" at March 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market. The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) sttod at 6.59 percent, while the month-over-month change in delinquency rate was -3.13 percent. Year-over-year, the change in delinquency rate was -3.03 percent and the total U.S. foreclosure presale inventory rate hit 3.37 percent.Click to continue

California AG Awards $9.4 Million to Assist Victims of Statewide Foreclosure Crisis

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California Attorney General Kamala D. Harris has announced California’s National Mortgage Settlement Grant Program has awarded $9.4 million to 21 organizations in order to assist Californians affected by the state’s foreclosure crisis. The grants will benefit many of the state’s neediest homeowners and families by providing or expanding access to free legal assistance and representation, foreclosure intervention aid, homeowner education and financial literacy clinics, blight remediation services, fraud prevention education and employment support services.Click to continue

Existing-Home Sales Decline Slightly in March

For Sale/Credit: Stockbyte

Existing-home sales eased in March from inventory constraints, which continued to pressure home prices, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.6 percent to a seasonally adjusted annual rate of 4.92 million in March from a downwardly revised 4.95 million in February, but remain 10.3 percent higher than the 4.46 million-unit pace in March 2012. Sales have been above year-ago levels for 21 consecutive months, while prices show Click to continue

FINRA Foundation Study Shows Lack of Savings Can Result in Mortgage Problems

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The FINRA Investor Education Foundation has released a new study revealing that households without emergency savings are more likely to experience mortgage payment problems when faced with an income shock. Households without emergency savings, or rainy day funds, were three times more likely than households with emergency savings to make a late mortgage payment—and almost twice as likely to be involved in a foreclosure. These differences exist even after controlling for other factors that can impact mortgage payment behavior—like income, education and geographic region.Click to continue

Lack of Short Sale Code in Credit Reporting System Creating Hardship for Many Consumers

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The system used by the American credit reporting industry to report the history of consumer payments to creditors to the national credit repositories has a serious flaw, according to some members of the mortgage industry. This flaw is the lack of a specific code for short sale mortgage transactions. With the current mortgage climate of millions of short sale consumers needing properly documented accounts of their previous mortgage problem so they can re-enter the housing market, this problem is reaching epidemic proportions in some of the hardest hit regions of the country.Click to continue

Sen. Wyden Calls Out LPS for Illegal Servicing Fees

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U.S. Sen. Ron Wyden (D-OR) has urged the U.S. Attorney General to investigate allegations that a mortgage servicing firm is overcharging struggling homeowners on default and foreclosure fees. “Not only is the thought of making it harder for struggling homeowners to reinstate their loans appalling, but charging for fees already being paid by a government-backed entity such as Fannie Mae is illegal under the False Claims Act,” Sen.Click to continue

Servicers Continue to Demonstrate Improvement in Making Home Affordable Program Efforts

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The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the February edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. Data continue to show important progress across many key indicators—as home prices ended the year with strong gains and purchases of new homes and sales of existing homes were also strong—although officials caution that the overall recovery remains fragile.Click to continue

Twenty-Six States See Rise in Foreclosure Auctions

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RealtyTrac has released its U.S. Foreclosure Market Report for January 2013, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 150,864 U.S. properties in January, a decrease of seven percent from the previous month and down 28 percent from January 2012. The report also shows one in every 869 U.S. housing units with a foreclosure filing during the month.Click to continue

Former DocX President Enters Guilty Plea in Robo-Signing Scandal

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Michigan Attorney General Bill Schuette has announced that Lorraine Brown, former president of mortgage document processor DocX, pleaded guilty to racketeering for her alleged role in authorizing the fraudulent signing of mortgage documents filed in Michigan. Brown pleaded guilty to one count of Conducting Criminal Enterprises (Racketeering), a 20-year felony, before Kent County Circuit Court Judge Mark Trusock. She will return for sentencing on May 2.Click to continue

Two LOs Indicted in Straw Buying Scheme

Courthouse/Credit: Photodisc

Two mortgage loan officers have been sentenced in federal court for recruiting straw buyers to purchase properties at inflated prices and then distributing the excess loan funds among themselves, the straw buyers, and others involved in the scheme. United States District Court Judge Joan N. Ericksen sentenced Chad Arthur Anderson and Troy Allen Huston, both of Chisago City, to federal prison terms of 60 months and 57 months, respectively, on one count of conspiracy to commit mortgage fraud through the use of interstate wires.Click to continue