For the month of May, 2015, less than 3 percent (2.95%) of St Louis mortgages were seriously delinquent (90+ days) marking a slight decline from the month before and a decline of 13 percent from a year ago, according to data just released by CoreLogic. […]
St Louis distressed home sales declined during the first quarter of this year with distressed home sales (foreclosures, REO’s and short sales) in the 5-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) accounting for 15.0% of all home sales, This is down 18.5% […]
The foreclosure rate in St Louis fell to 1.04 percent for the month of August, a decline of 33.5 percent from a year ago when the St Louis foreclosure rate was 1.55 percent, according to a report just released by CoreLogic. The national foreclosure rate for August at 2.36 percent was over twice as […]
A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of February 2010 has some data that is encouraging but that data is overshadowed by data that shows the problems int he U.S. housing market are far from over.
Let’s start with the good news…
You may want to consider possible legal issues before deciding to “walk away”
Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.
In addition, homeowners […]
Depending on which estimate you believe, somewhere between one-third and one-half of the homeowners with a mortgage in the U.S. owe more on their homes than their homes are currently worth. This has lead to an unprecedented amount of short-sales and in many cases, a lender “forgiving” you of the short-fall […]
Laurie Goodman, the Senior Managing Director at Amherst Securities, testified today before the House Financial Services Committee hearing on “The Private Sector and Government Response to the Mortgage Foreclosure Crisis“. Amherst Securities specializes in the trading of residential mortgage backed securities and charges Goodman with keeping them and their customers abreast of […]
Last week the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA), the latest program under the Home Affordable Modification Program (HAMP), designed to offer alternatives to homeowners facing foreclosure.
THE HAFA PROGRAM:
The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers […]
Missouri ranks 21st in delinquencies and 30th in foreclosures
According to a report just issued by the Mortgage Bankers Association, the mortgage delinquency rate on one-to-four-unit residential properties in the U.S. rose to a new record rate of 9.64 percent. Here in Missouri, the delinquency rate is slightly lower at 9.41 percent.
Included in […]
If you are a homeowner facing losing your home in foreclosure but you do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification, you may have another alternative: The Deed for Lease program announced yesterday by Fannie Mae for homeowners with loans insured […]
To alleviate some suffering by homeowners, the Obama Administration introduced the “Making Homes Affordable” plan last March. Unfortunately, the plan has not yet had the intended effect.
Article by the Grand Law Firm
Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that […]
A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the second quarter Mortgage Litigation Report from MortgageDaily.com.
During the second quarter, 125 cases were tracked, jumping from an already active 81 first quarter cases. The second quarter […]
By: Dennis Norman
I came across something today that, while it is very sad there is such a demand for, it is heartwarming to see this need being addressed; helping families that have lost their homes in foreclosure move and store their belongings.
There is a new non-profit organization, FreeMooves, […]
By: Dennis Norman
Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.
This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness […]
By: Dennis Norman
Recently the The Office of the Comptroller of the Currency issued a Consumer Advisory. The Advisory contains consumer tips for avoiding mortgage modification scams and foreclosure rescue scams.
The advisory states; “Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to […]