Mortgage delinquencies declined 8.2 percent in October and almost 18 percent from the same time last year, according to Black Knight. The data showed that there were 165,000 fewer past due loans in October than the month before. Serious delinquencies hit a 12-year low after falling by 14,000 from September and 90,000 on a year-over-year basis, according to the report.
The Sunshine State led the top five states by a 6-month improvement in non-current percentage with a decline of 28.92 percent, followed by Alaska, Oregon, Texas, and New Jersey. This can be attributed to the continued improvement in delinquencies related to the spike seen after last year’s hurricanes Harvey and Irma.
The number of loans in active foreclosures fell 24 percent from the same period last year, with the report highlighting that only 267,000 loans remained in active foreclosure during October, falling by 1,000 from September and by 81,000 from October 2017.
Surprisingly, mortgage prepays increased 14 percent from September. While the number of properties that were 30 or more days past due, but not in foreclosure declined by 165,000 to approximately 1.8 million, those that were 90 or more days past due but not in foreclosure declined by 14,000 to 499,000 properties.
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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 McMaken website at www.miamibankruptcy.com.
