Thursday, June 9, 2011

Mortgages and Foreclosures

Here are some interesting quotes with links to the entire article:

“Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.

These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it's 807.

If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.”

For additional details see:   http://money.cnn.com/2011/06/09/real_estate/foreclosure_squatter/index.htm?iid=Lead

And also:

Millions Of Homeowners Have Not Made Mortgage Payments In Years

By Chris Morran on June 9, 2011
It now takes an average of 565 days from a homeowner's first missed payment until a lender ultimately forecloses on a property. It takes significantly longer — 807 days on average — in Florida, a state with a large number of underwater mortgages. And then there are all the people who won't necessarily go into foreclosure but who have been advised not to make payments in order to qualify for a loan modification. This all adds up to millions of Americans who have gone at least one year without making a single payment.

Direct link: http://consumerist.com/2011/06/millions-of-homeowners-have-not-made-mortgage-payments-in-years.html