Tag: Mortgage Bankers Association

Foreclosure Defense, Foreclosures

Foreclosure Moratorium Expires, Leaving 1.45 Million Homeowners in Serious Delinquency

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Even though mortgage delinquency rates have fallen by five percent since May, a record 1.45 million homeowners are seriously delinquent on their mortgages, according to figures from Black Knight.

The number of delinquencies has improved for 12 of the last 14 months, with only two increases in delinquencies reported. However, delinquency volumes have continued to increase to the point of pre-pandemic levels. According to Black Knight, around 1.45 million borrowers are at least 90 days delinquent on their mortgages as of the end of July. This stage of the process is known as a late-stage delinquency, meaning the borrower is not in foreclosure but is dangerously close. Black Knight reported that this figure was one million more than at the beginning of the COVID-19 pandemic. Many of these borrowers are still working with their lenders on forbearance plans.

Foreclosures, Timothy Kingcade Posts

Mortgage Foreclosures & Delinquencies at Lowest Levels Since 2005

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Approximately 0.38% of loans went into foreclosure during the third quarter, according to a report released this week by the Mortgage Bankers Association.  This is the lowest rate since the second quarter of 2005.  About 3.57% of loans were at least 90 days past due, the lowest rate since the third quarter of 2007.

These numbers can be attributed to a healthy job market and rising home prices, which allows troubled borrowers to sell as opposed to being foreclosed upon.  Fewer foreclosures will likely help home prices, because bank-owned homes tend to sell for less.  These often empty homes can deteriorate and affect the value of neighboring homes.

New Jersey, New York and Florida continue to have the highest foreclosure rates, but now the foreclosure problem is largely isolated to loans made before 2009.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

40 Million Underwater Homeowners Consider Turning to a Mortgage Strike

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Due to the banks failure to compromise with underwater homeowners, groups such as the Home Defenders League and the recently created, Mortgage Origination & Securitization Abuses unit, may end up encouraging a mortgage strike. Statistics prove that even if a portion of the 40 million homeowners participate in the mortgage strike, this could cost banks more than a trillion dollars. Even if a mortgage strike is not the necessary step, underwater homeowners represent about 18% of all voters in America, which provide enough ability to influence policies and policy makers if they ban together.
Corporations such as the Mortgage Bankers Association have participated in this form of “strategic defaulting” in the past when their office building values have plummeted. If policy makers are unable to make the necessary changes to help homeowners, a mortgage strike might be the one method to force a negotiation with the banks.
To read more on this story visit: http://www.huffingtonpost.com/rj-eskow/40-million-strong-underwa_b_1579824.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com