Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

U.S. Representative Maxine Waters (D-California) has written a letter to Department of Housing and Urban Development (HUD) Secretary Julián Castro asking for relief and more transparency for seniors participating in HUD's Home Equity Conversion Program (HECM). At the center of the issue is the fate of surviving non-borrowing spouses upon the death of the last … Continue reading Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

Foreclosure Fraud Law to take effect

Nevada foreclosure fraud law takes effect Oct. 1 Nevada's new foreclosure fraud reform law takes effect Oct. 1, enhancing the Nevada Attorney General Catherine Cortez Masto's enforcement authority over foreclosure fraud. On May 20, Nevada Gov. Brian Sandoval signed Assembly Bill 284 into law.  The law now requires homeowner access to information on the companies … Continue reading Foreclosure Fraud Law to take effect

599 days is the timeline for an average delinquency to foreclosure

LPS Puts Average Delinquency+Foreclosure Timeline at 599 Days The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS).  That’s a record for the company’s regular monthly study on mortgage performance trends. At the end of July, LPS counted 2.2 million loans in foreclosure and nearly 1.9 million … Continue reading 599 days is the timeline for an average delinquency to foreclosure

Obama extends deadline for homeowners loan program

August 30, 2011 12:45PM David Berenbaum, CPO of the National Community Reinvestment Coalition The Obama administration is giving unemployed homeowners in 27 states extra time to apply for a new $1 billion foreclosure-prevention program, due to a lack of qualified applicants, the Wall Street Journal reported. Homeowners have until Sept. 15 to apply for the … Continue reading Obama extends deadline for homeowners loan program

Mortgage rates drop but loan applications still low

NEW YORK (CNNMoney) -- As Congress and President Obama hammered out a debt deal over the past week, mortgage rates plunged -- hitting new lows in some instances. The 30-year fixed rate, usually the most popular choice for homebuyers, fell to 4.45% from 4.57% last week -- its lowest point since last November, according to … Continue reading Mortgage rates drop but loan applications still low

Foreclosure time Lengths – First Quarter (Jan – June 2011)

Average Foreclosure length - 318 days (up from 2010) Foreclosure Proceedings time length in the following states:     1.  NY longest - 966 days     2.  NJ - 944 days     3.  FL - 767 days     1.  TX  shortest - 92 days     2.  VA - 106 days REO took the longest to sell in the following states:     1.  … Continue reading Foreclosure time Lengths – First Quarter (Jan – June 2011)

State Foreclosure Laws – Illinois

State Foreclosure Laws Illinois Attorney General's Office 500 S. Second Street Springfield, IL 62706 Ph: (217) 782-1090 Fax: (217) 782-7046 Summary: Judicial Foreclosure Yes Non-Judicial Foreclosure No Security Instruments Mortgage Right of Redemption Yes. 3 Months Deficiency Judgments Yes Time Frame 215-315 Days Public Notice Complaint Judicial foreclosure in Illinois begins with the filing of a suit … Continue reading State Foreclosure Laws – Illinois

Latest Foreclosure Statistics

National Foreclosure Statistics Top 5 Foreclosure Cities Merced, California Modesto, California Stockton, California Riverside, California Detroit, Michigan May 2011 Total Foreclosures Available 1,736,724 Number of Sales 186,454 Median Sales Price $161,500.00 Illinois Foreclosure Statistics Top 5 Illinois Foreclosure Cities: Chicago Aurora Rockford Elgin Joliet May 2011 Total Foreclosures Available 101,822 Number of Sales 5,781 Median … Continue reading Latest Foreclosure Statistics